Gold Holds Luster in China as Imports From Hong Kong Rise – Bloomberg 07-05-13

Salient to Investors:

China’s net gold imports from Hong Kong increased 40 percent in May from a month earlier.

Bruce Liu at ANZ Bank said demand was quite strong in May with people rushing to gold shops because they thought prices had hit bottom.

Gold sales from Australia’s Perth Mint declined for a second month in June, and the US Mint sold 57,000 ounces of American Eagle gold coins in June versus 70,000 ounces in May and 209,500 ounces in April. The All India Gems & Jewellery Trade Federation says Indian imports may drop 52 percent in Q3 2013 after government curbs.

The China Gold Association said China may pass India as the largest bullion consumer as early as this year after India raised import taxes and China made investing in gold easier,

China and India account for more than half of global demand.

Read the full article at  http://www.bloomberg.com/news/2013-07-05/gold-holds-luster-in-china-as-imports-from-hong-kong-rise-in-may.html

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