China piles up gold on approaching peak season

China gold imports from Hong Kong picked up last month as peak-demand season approaches, South China Morning Post reported. “There’s preparation for demand that always ramps up in the fourth quarter,” said Wang Xinyou, the head of the precious metals division at Agricultural Bank of China in Beijing. Net imports, after deducting flows from the mainland into Hong Kong, were 129.9 tons, compared with 109.4 tons in September, according to data from the Hong Kong Census and Statistics Department. The amount in the first 10 months more than doubled to 955.9 tons from a year earlier, the data also showed.