Chinese gold imports from Hong Kong, a proxy for overseas buying, hit a record in October and accounted for more than one-quarter of global demand.
Data from the Hong Kong government showed that China imported 85.7 tonnes of gold via Hong Kong in October, up 50 per cent from the previous month and up more than 40 times from October last year. It is the fourth consecutive month that China’s gold flows through Hong Kong have hit new highs.
In September, gold on the Shanghai Gold Exchange briefly traded $50 an ounce higher than the main global market based in London, a record price difference that encouraged imports.
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