Chinese imports of gold from Hong Kong in May rose by 40% compared with April amid a decline in the price of yellow metal, which attracted investors. Chinese buyers purchased in May a total of 106 tons of gold, which is 30 tons more than in April 2013, Bloomberg reported citing data from the Hong Kong government.
In May, gold fell by 6%, and Chinese investors took this opportunity to buy jewelry, coins and bullion at a better price, while consumers pre-purchased gifts for holidays and weddings to be celebrated later this year, said China Gold Association.
"Demand in May was very active, and people rushed into the stores, because they thought that gold prices had reached the lowest limit," Bruce Liu, the gold dealer of ANZ Bank China Co in Shanghai, said in a telephone conversation.
Gold exports from China to Hong Kong in May fell significantly to 21 tons, while in April it exceeded 50 tons, and in May of last year - 32.7 tons.