HONG KONG GOLD IMPORTS HIT 11-YEAR HIGH

Hong Kong's gold imports surged to 150.48 tonnes in June, marking the highest monthly figure since late 2014.

This represents a nearly 29 percent increase from May and has sparked renewed interest in the precious metal among investors.

According to Prashant Bhayani, chief investment officer for Asia at BNP Paribas Wealth Management, investor demand for gold is driven by its recent price correction and the fact that a stronger yuan makes gold prices appear more attractive.

The establishment of a gold clearing system in Hong Kong has also contributed to increased purchases by banks, which are likely buying gold in advance to meet investor demand.