Imports of gold surge as buyers seek hedge

SINGAPORE / BEIJING - The Chinese mainland's gold imports from Hong Kong surged to a record in November as consumers bought the metal before the Lunar New Year this month and investors sought to hedge against turmoil in financial markets.

The mainland bought 102,779 kg from Hong Kong in November, up from 86,299 kg in October, according to the Census and Statistics Department of the Hong Kong government.

Gold demand is climbing on the mainland as rising incomes and concerns about inflation bolster purchases. China overtook India in the third quarter as the largest gold jewelry market, according to the World Gold Council. The nation is also the world's biggest producer.