China’s imports of gold from Hong Kong surged 67 percent to the highest level in more than two years in December as stock market turmoil and anticipation of a further weakening in the nation’s currency spurred demand for a haven,
- Net purchases rose to 111.3 metric tons from 66.8 tons a month earlier and 58.8 tons a year ago.
- Net buying increased to 774.1 tons in 2015 from 750.8 tons a year earlier and compared with a record 1,108.8 tons in 2013.
(data source: the Hong Kong Census and Statistics Department)
The stock market was very volatile last year while the yuan started depreciating so investors may have found some comfort in gold,
said Wang Shunyang, an analyst at SMM Information & Technology Co.
It looks like the rush back into equities and oil today isn’t dampening the bid for gold. The yellow metal is now ahead of nearly 6 percent this year and at a level not seen since late October 2015.
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