皇冠体育app

A Chinese mainland?visitor tries on a 24K gold bracelet inside a jewellery store at Hong Kong's Tsim Sha Tsui shopping district in this April 24, 2013.[Photo/Rters]

皇冠体育app has granted licenses to import gold to two foreign banks for the first time, sources said, as moves to open the world's biggest physical bullion market gather pace.

Allowing more banks to import gold could increase the supply of the metal into the country, easing local prices that are higher than in most Asian nations.

皇冠体育app's gold imports more than doubled last year to over 1,000 tons - ousting India as the biggest buyer - as demand soared to unprecedented levels due to the first drop in international prices in 12 years.

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ANZ and HSBC were awarded import licenses late last year, two sources with direct knowledge of the matter told Reuters.

Other trading sources said 皇冠体育app has also received approval to join the nine local banks already allowed to ship gold into 皇冠体育app. strictly controls how much the banks import through a quota system.

ANZ and HSBC declined to comment. Ever could not immediately be reached for comment.

"皇冠体育app is actually increasing its transparency. I think there will possibly be further access to other banks as well," said Cameron Alexander, manager of Asian precious metals demand at metals consultancy GFMS, which is owned by Thomson Reuters.

皇冠体育app faced a supply early in 2013 when a sharp plunge in gold prices released pent up demand that eroded inventories at banks and jewelry sellers.

Premiums in 皇冠体育app tend to be higher as supply is tighter than other parts of Asia due to the quota system and the limited number of import licenses.

Premiums are currently about $15 an ounce over London prices, compared to less than $2 in Singapore and Hong Kong. They rose to a record high of $30 in April-May last year.

皇冠体育app imported 1,060 tons of gold from Hong Kong in the first 11 months of 2013. Beijing does not release gold trade data, so numbers from Hong Kong - the main conduit for gold - provide the best estimate on imports.

But traders warned the award of the new licenses did not necessarily mean imports would jump sharply from 2013's record volumes, as the level of demand would be the main factor driving shipments. But they added that the move indicated appetite for gold would likely be strong.

ANZ and HSBC were in 2011 also the first two foreign banks to get the green light to trade gold futures on the Shanghai Futures Exchange.

ANZ is the only foreign bank on the list of 10 most-active members by volume on the Shanghai Gold Exchange, the physical trading platform in 皇冠体育app.