China gold imports drop

prices, infos and news on gold : China’s purchases and imports of gold from Hong Kong fell in November, discouraged by bearish outlook of the gold price in the context of rising US interest rates.

 

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Net purchases of gold decreased by 66.8 metric tons, against 68.2 tons and 87.2 tons in October a year earlier.

The Chinese gold demand weakened gradually amid expectations of rising US interest rates, which should take place gradually during 2015. Higher interest rates are less attractive for gold, which pays no interest.

The spot price of an ounce of gold is expected to reach $ 950 an ounce by the end of 2016 according to analysts. The price of an ounce of gold fell 6.8% in November compared to the historical peak of 2013.

Xu Wenyu, an analyst at Huatai Futures Co. said:

“The market in November seemed to give a high probability of a rise in US interest rates and investors were reluctant to buy. The consensus was that the price was likely to remain low.”

Switzerland to China’s shipments dropped to 16.5 tonnes in November from 29 tons in the previous month, according to data of the Federal Customs Administration.

 


 

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