China’s gold imports off 4.8 percent in June

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China’s gold imports off 4.8 percent in June

China’s net gold imports from Hong Kong fell 4.8 percent in June as a slump in prices slowed demand and the government curbed the use of bullion in financing deals.

Mainland buyers purchased 101 metric tons, after deducting flows from China into Hong Kong, compared with 106 tons a month earlier, according to calculations based on data from the Hong Kong statistics department yesterday. Inbound shipments including scrap were 113 tons, from 127 tons in May.

Gold is heading for its first annual decline in 13 years as investors lose faith in the metal as a store of value and amid speculation the U.S. Federal Reserve will curb debt-buying. The metal dropped to a 34-month low in June, after tumbling 13 percent in April and May.

That discouraged bargain hunters, said Wang Weimin, an analyst at Dalian Fortune Futures China is the world’s second-largest bullion user after India. Bloomberg

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