Gold imports fell

Hong Kong data showed that China’s net gold imports reached 34.64 metric tons in June, compared with 49.05 metric tons in May. According to the data, the total gold import through Hong Kong decreased by 26% to 38,395 tons. Swiss gold exports to China also fell by a third in June, last week’s data showed. StoneX analyst Rona O’Connell said retail demand remains sluggish as shoppers worry about the economic outlook, which will limit spending. The world’s second-largest economy grew at a weak pace in the second quarter as demand weakened at home and abroad, increasing pressure on policymakers to provide more stimulus to bolster the post-Covid recovery. China’s top leaders pledged that political support for Increase the economy, which can increase the consumption of bullion. Experts predict that China’s jewelry demand will reach about 700 tons this year, up 22 percent year-on-year and the strongest growth since 2017. Previous data shows that the country’s gold consumption increased by more than 16% compared to the same period last year and reached 554.88 tons in the first half of the year, and this consumption figure does not include the purchase of reserves by the Bank of China. According to a Reuters report, the price of physical gold in China rose above US$15 by the end of last month compared to global initial rates.

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