Chinese buyers are hoarding the precious metal amid a slowing economy, property-buying restrictions and uncertain financial markets as its central bank increases its holdings.
The unprecedented jump in gold sales, along with continued acceleration of export revenues for other commodities led by coal -- up 80% to $4bn -- caused total exports to China to rise by 10.7% for the year to August, according to Australian Bureau of Statistics figures.
Shipments of Australia's biggest export, iron ore, were up 20% for the same period but the total value of $26.9bn was down 5% compared to last year, because of the mid-year price slump.
China's foreign currency reserves of gold are low and its move to build them up will provide an important base demand for gold, analysts said.
Shipments of Australia's biggest export, iron ore, were up 20% for the same period but the total value of $26.9bn was down 5% compared to last year, because of the mid-year price slump.
China's foreign currency reserves of gold are low and its move to build them up will provide an important base demand for gold, analysts said.
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