TL/DR:
- Hong Kong’s gold imports rose to their highest level since late 2014 in June, supported by preparations for the city’s newly launched clearing system and continued demand from mainland China.
- Bullion inflows exceeded 130 tonnes, according to the city’s customs authority, while net imports reached their highest level since December 2023.
- China’s gold imports also climbed to a two-year high last month. Lower prices and a stronger yuan supported investor demand, while banks used import quotas to rebuild inventories and meet retail commitments.
GFN – HONG KONG: Hong Kong’s gold imports rose to their highest level in more than a decade in June, supported by preparations for the city’s new bullion clearing system and continued demand from mainland China.
Data from Hong Kong’s customs authority showed bullion inflows exceeded 130 tonnes during the month, the largest total since late 2014. Net imports, which measure the amount of gold remaining in the city after exports, climbed to their highest level since December 2023.
Hong Kong began trial operations earlier this month for a gold clearing mechanism designed to strengthen the city’s position in global bullion trading and pricing. Banks built inventories of large gold bars ahead of the launch to support physical delivery through the new system.
Demand from mainland China also contributed to the increase. Hong Kong remains an important transit point where gold is stored, processed or traded before being shipped elsewhere, with mainland China accounting for most outbound volumes.
China’s own gold imports reached a two-year high in June. Lower bullion prices and a stronger yuan supported investor demand, while banks increased purchases to use available import quotas, rebuild inventories and meet retail commitments.
