China imported 71.38 tonnes of gold in December, the lowest total in three months, according to data from the Hong Kong Census and Statistics department.
Imports were expected to increase to coincide with the lower price of gold that month – it hit a near-four-year low at $1,146.80 at one stage – and because of stocking up ahead of the Lunar New Year. Still, Swiss export figures for December are yet to be released.
Chinese buying late in the fourth quarter tallied with UBS’ observations that domestic demand was “underwhelming”, analyst Edel Tully said in a note.
“This trend appears to be continuing so far this year,” she added. “Shipments from Hong Kong to China do not show the full picture; Swiss customs data should provide further insight. But we think the direct flow of metal from Zurich to China is likely to reveal a similar trend.”
Imports for the full year also dropped to 813.13 tonnes from 1,158.16 tonnes in 2014 but were well above the 2012 total of 557.5 tonnes.
“The decline in China’s gold imports is likely on the back of ample onshore stocks,” Tully said. “In the previous months, there was a relatively decent inflow of metal amid a moderate pick-up in interest in late Q3 through to the beginning of November, as gold prices touched the year’s lows.”
“More broadly, we believe overall stock levels in China are likely coming from a relatively higher base given exceptional buying volumes back in 2013,” she added.
(Editing by Mark Shaw)
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