Hong Kong gold imports fall 18% in July as mainland giants rush to build vaults

In July, Hong Kong's gold imports declined by 18% compared to the previous month, despite mainland corporations investing heavily in new bullion vaults. The city's non-monetary gold imports fell to approximately 107 tonnes, down from a decade-high 118 tonnes in June, according to the Census and Statistics Department. This decline was largely due to banks completing their inventory build-up ahead of the city's gold clearing and settlement system, which began operations on July 7.

Despite this, demand remained robust, with Hong Kong still accounting for a significant portion of global gold trading, accounting for about 5% of the world's total gold consumption in the first half of 2026. Chinese banks and logistics firms, such as SF Express and the Industrial and Commercial Bank of China, have begun setting up gold vaults in Hong Kong as shipments of the precious metal expand.

The newly introduced gold clearing and settlement system in Hong Kong is expected to bolster regional liquidity and streamline operations. Family offices in Hong Kong and Singapore have shown growing interest in gold trading. The growing demand for gold in Hong Kong is linked to strong retail buying of gold jewelry, bars, and coins in mainland China, where gold consumption reached 511.41 tonnes in the first half of 2026, marking a 1.23% increase year-on-year.