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Bloomberg

Gold exports from Hong Kong to the mainland slumped in April from a record in March as banks failed to get quotas fast enough to meet surging demand from buyers as prices fell to bear-market levels.
Mainland buyers bought 126,135kg, including scrap, compared with 223,519kg in March, according to Hong Kong government data released yesterday.
Net imports, after deducting flows from the mainland into Hong Kong, dropped to 75,891kg from 130,038kg a month earlier.
Gold slid into a bear market in April and had its biggest drop in 33 years in the two days to April 15 on concern that the United States Federal Reserve might rein in stimulus that helped bullion cap a 12-year bull run last year and as investors dumped holdings in exchange-traded products backed by the metal.
Quotas were in short supply after imports reached a record in March.
Only qualified banks that secure quotas from the People's Bank of China may import gold into the mainland.
"Some qualified banks used up their gold import quota in the first three months and weren't able to get the paperwork done fast enough to bring in bullion in April," said Tian Rui, a vice-president of the precious metals division at INTL FCStone Trading. "We might see higher imports in May, because demand surged after the rout."
Bullion of 99.99 per cent purity on the Shanghai Gold Exchange dropped 7.4 per cent in April, and was trading at 278.50 yuan (HK$352) a gram yesterday.
Spot gold for immediate delivery traded at US$1,398.65 an ounce yesterday and has declined 17 per cent this year.
The mainland's purchases in April were 22 per cent higher than in the same month last year, data from the Hong Kong Census and Statistics Department showed. The mainland does not publish such data.
Exports of gold to Hong Kong from the mainland were 50,244kg in April, according to a separate statement.


Hong Kong gold exports to China slump 44pc in April on quota backlog

Gold slid into a bear market in April.

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