Chinese gold imports from Hong Kong remain subdued, says Commerzbank. Analysts cite data from Hong Kong’s Census and Statistics Department showing China imported only 27.5 metric tons of gold on a net basis from the former British crown colony in August. “This puts net imports only slightly above the previous month’s low level, which constituted the lowest figure since June 2011,” Commerzbank says. “Chinese net gold imports from Hong Kong have totaled 497 tons since the beginning of the year, 33% down on the corresponding period last year. Chinese gold demand looks set to fall well short of last year’s total even if it picks up in the next few months. The weak gold demand in China is one key reason for the slump in the gold price over recent months. So far, the price slide has not sparked any revival of physical demand. Evidently buyers in Asia are holding back in anticipation of even lower prices. Thus the gold price remains more dependent on Western investment demand.”
via Kitco
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