Hong Kong Banks Import 400-Ounce Gold Bars as China’s May Inflows Jump 63%

2 articles · Updated · Kitco NEWS · Jun 29

At least four of 11 banks in Hong Kong’s planned gold clearing system are importing 400-ounce London Good Delivery bars before the mechanism’s expected July launch.
The buildup points to Hong Kong’s push to become a regional bullion hub, with the government targeting more than 2,000 tonnes of gold storage capacity within three years.
China’s gold imports reached 162.6 tonnes in May, up 63% from a year earlier, even as wholesale demand fell 36% and marked the weakest May since 2010.
Heraeus said the Pacific Rim developments suggest bullion demand is shifting east, with Singapore also planning to open its own gold clearing mechanism later this year.
Gold still traded under pressure from a stronger dollar and higher Fed rate-hike odds, though lower oil prices below $75 a barrel could later ease inflation expectations and support precious metals.