Dec. 7 (Bloomberg) -- Gold imports by China from Hong Kong dropped 32 percent in October from a month earlier as slowing economic growth cut purchases.
Mainland China bought 47,478 kilograms (47.478 metric tons), including scrap and coins, compared with 69,712 kilograms in September. Shipments were 45 percent less than the 86,314 kilograms a year earlier, data from the Census and Statistics Department of the Hong Kong government show.
Gold, which slipped 2.9 percent in October, is in the 12th year of a bull run as investors seek to hedge against weaker currencies as central banks around the world take action to boost economic growth. China’s gross domestic product is poised to expand 7.7 percent this year, the weakest pace since 1999, according to a Bloomberg survey. Growth was 7.4 percent in the three months through September, the weakest in three years.
Shipments more than doubled to 629,326.5 kilograms in the first 10 months from 289,960.6 kilograms a year earlier, Bloomberg calculations show. Net imports, excluding flows from China to Hong Kong, were 23,844 kilograms in October from 41,559.5 kilograms last month. China doesn’t publish such data.
Exports of gold to Hong Kong from China were 23,634 kilograms in October, down from 28,152.5 kilograms in September, according to a separate statistics department statement. Shipments were more than the 7,573 kilograms a year ago. They were 252,178 kilograms in the first 10 months from 75,927 kilograms a year earlier, according to Bloomberg calculations.
Gold for immediate delivery was little changed at $1,700.06 an ounce at 5:16 p.m. in Singapore, taking gains this year to 8.7 percent. Holdings in gold-backed exchange-traded products expanded to an all-time high on Dec. 5, data compiled by Bloomberg show.
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