China Cut Gold Imports From HK as Rising Prices Deter Buyers

China, the world’s biggest gold consumer, cut bullion imports from Hong Kong in July as the highest global prices in more than two years deterred buyers.

Net purchases were 62.1 metric tons from 68.7 tons in June and 40.7 tons in the same month last year, according to data from the Hong Kong Census and Statistics Department compiled by Bloomberg. The mainland bought 101.8 tons compared with 83.4 tons in June, while exports were 39.6 tons from 14.7 tons. Mainland China doesn’t publish the data.

Global bullion prices climbed for the second month in July and reached the highest level in more than two years as low or negative interest rates worldwide, stagnating economies and the U.K. vote to leave the European Union drove investors in search of a haven.

The stabilization of the economy faltered in July as factory output, retail sales and investment all slowed. Chinese home prices gained in fewer cities as local governments joined some of the nation’s largest hubs in imposing residential property curbs to quell soaring real estate values.

Swiss gold shipments to China climbed to 22.5 tons in July from 18.5 tons in June, while exports to Hong Kong fell to 33 tons from 35.8 tons, according to Swiss customs.

— With assistance by Winnie Zhu

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