Clamp down on gold

GOVERNMENT scrutiny has affected Chinese gold imports from Hong Kong which fell for the third time as buyers continue to delay purchases in anticipation of the a price drop, according to Bloomberg.
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Chinese tax authorities are expected to audit all domestic gold traders as part of a clamp down on the unscrupulous practice of using a fake precious metals trade to disguise capital flows.

Net inbound shipments into mainland China fell to 4.6 metric tonnes in April from a March figure of 61.8 tonnes, with mainland buyers purchasing 55.2 tonnes last month compared to 72.1 tonnes a month earlier.

Signs of increased housing demand in the US allowed copper to break its five week slump, with previously owned home sales exceeding economists' expectations in April.

The pick-up in residential estimates will contribute to the country's economic growth.

The London Metals Exchange registered copper-for-delivery settling at $US6095 ($A7965) per metric tonne, a 0.2% increase in three months.

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