Monday, January 21st 11:17 AM IST

China's SHFE Gold contract gains 0.83%

# China gold  # largest gold consumer  # SHFE gold contract  

Analysts said China's gold import's through Hong Kong for the year 2012 alone are expected to reach 800 tonnes, which is twice the country's 2011 imports.

BEIJING(BullionStreet): China's gold markets reflected the positives from the GDP growth rate hike as country's trade mark gold contract at Shanghai ended last week with a 0.83 percent gain.

On the last trading day of the week, the most traded SHFE gold contract, for June delivery, added 0.52 percent.

Along with gold, most Chinese commodity futures posted gains last week thanks largely to a better-than-expected domestic economic growth report in the fourth quarter.

The National Bureau of Statistics reported Friday that China's gross domestic product grew 7.9 percent year-on-year in the fourth quarter, up from 7.4 percent in the third quarter.

Analysts said China's gold imports through Hong Kong for the year 2012 alone are expected to reach 800 tonnes, which is twice the country's 2011 imports.

They added that the upcoming Lunar New Year festivities are also supporting Chinese gold markets.

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