Gold Imports Into China Surge 61% From 8 Year Low To 13 Tonnes

By Mark O’Byrne of GoldCore

CEO, GoldCore • Sep 27, 2019 at 9:28 AM EDT

Gold is 0.6% lower today at $1,497/oz and appears headed for a 1.1% fall this week after a 2% gain last week.

Gold is 0.6% lower today at $1,497/oz and appears headed for a 1.1% fall this week after a 2% gain last week.

Gold looks set for a near 2% loss in September which will encourage bargain hunters buying on weakness; The dollar remains near multi-week highs despite poor U.S. economic data of late and the political turmoil in the U.S.

Heightened risks from political tensions to the U.S-China trade war are being ignored for now but are impacting the global economy and leading to safe-haven demand.

China’s net monthly gold imports via Hong Kong in August surged nearly 61%, after falling to their lowest in more than eight years in July, the Hong Kong Census and Statistics Department data showed yesterday.

Gold and silver frequently see weakness at quarter-end which continues in the very early part of the following quarter; we are likely seeing this again as large players “paint the tape” and hedge funds and banks take profits on their long positions.

Palladium is set for an eighth straight weekly gain and remains near all-time record nominal highs; platinum is poised for its worst week in two months.

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