China imports gold from Hong Kong at record levels

China’s gold imports from Hong Kong more than doubled as of March, reaching an all-time high at 223,519 kilograms, Bloomberg reported. The March number is up from 97,106 kilograms in February, according to Hong Kong government data released Tuesday, showing an increasing demand for bullion on the Mainland. The surge in purchases comes on the heels of a 14% drop in gold prices as of April 15, the worst in three decades. China’s gold usage in the first quarter rose 26% as prices fell, with additional increases in demand for jewelry, coins and bars from the US and India.