HK gold exports to mainland up 89% in Feb

Consumers purchase gold jewelry at a gold store on February 15, 2013 in Xuchang, Henan province. [Geng Guoqing/asianewsphoto]

Hong Kong's gold exports to the Chinese mainland rose 89 percent in February from three-month lows in January, according to statistics from the Hong Kong Census and Statistics Department.

Analysts said increasing demand ahead of Spring Festival and a weaker price, which lured more buyers, were the main reasons for the rebound in the volume of imported gold.

Exports of the precious metal from Hong Kong to the mainland rose from 51 metric tons in January to 97 tons, the figures show.

Net flow of gold from the city to the mainland was 61 tons after excluding 36 tons of imports from the mainland, up 27 tons from January.

China is the world's second largest gold consumer after India.