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China gold imports from Hong Kong falls to seven months low

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BIEJING (Scrap Register): Chinese gold imports from Hong Kong decreased 15 percent 51 mt in August from 59 mt a year ago, according to Hong Kong Customs and Statistics data.

The drop in imports is the lowest in the seven months since January. The figure is down by almost 45 percent from 91 mt in July. Physical demand in the world's largest gold consuming country has struggled this year with high international prices that are up around 25% year-to-date, Platts reported.

Gold averaged $1,341/oz in August, which is its highest monthly average price for three years, up marginally from $1,337/oz in July and around 20% higher than August 2015.

Chinese gold imports this year continue to outperform 2015. Year-to-date, gold imports from Hong Kong total 555 mt, around 15% higher than 482 mt reported in the same period in 2015.

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