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China’s net gold imports via Hong Kong rose 81.2% in April from the previous month, Hong Kong Census and Statistics Department data showed on Thursday.
The world’s top gold consumer imported a net 86.715 metric tons in April, up from 47.866 tons in March, and marked its 13th straight monthly increase, the data showed.
The Hong Kong data may not provide a complete picture of Chinese purchases because gold is also imported via Shanghai and Beijing. China’s bullion buying patterns can influence global trends and markets.
China’s total gold imports via Hong Kong stood at 99.327 tons in April, up around 24.8% from March’s 79.576 tons.
Earlier this month, data from the People’s Bank of China showed the central bank loaded up on gold for an 18th straight month in April.
The country’s gold reserves have added up to 74.64 million fine troy ounces by the end of April, versus the previous month’s 74.38 million.
Spot gold prices have been under pressure since the start of the US-Israeli war with Iran in late February. The effective closure of the Strait of Hormuz has prompted a surge in Brent crude prices, fanning inflation woes and propelling rate hike expectations.
(By Anjana Anil; Editing by Alison Williams and Ronojoy Mazumdar)