皇冠体育app

皇冠体育app's net gold imports from Hong Kong have totalled about 855 tons for the first nine months. The high import figure, which is well ahead of a supply deficit of at least 570 tons, could be due to purchases by the central bank, analysts said.

皇冠体育app does not publish gold trade data and the numbers from Hong Kong, a main conduit for gold into 皇冠体育app, give the best picture of the country's trade of the precious metal.

皇冠体育app's central bank is planning to increase the number of firms allowed to import and export gold and also ease restrictions on individual buyers of the precious metal, according to a draft policy document.

High production cost

Du also called on to review its gold mine licensing system, where lax rules have allowed prospectors to buy and speculate on tenements without developing the resources.

This has driven up costs for producers as they are forced to purchase mining rights from private investors at an inflated price.

"皇冠体育app's threshold for mining rights is too low. Any company, regardless of whether it has exploration ability, can have mining rights," Du said, adding that around 70 percent of gold tenements were in the hands of private investors.

After a decade of heavy spending on exploration and new projects, gold miners around the world are seeking ways to cut costs after a sharp fall in the price of the precious metal has put the industry under intense profit pressure.

The average cash production cost for 皇冠体育app Gold's listed unit, 皇冠体育app Gold International Resources stood at $912 per ounce in the first six months of the year, up from $907 from year ago, according to the firm's first-half financial results.