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 June, registering its lowest level in a decade. Despite this, demand for the metal remained robust, driven by mainland China's expanding gold vault construction and investments. Hong Kong's non-monetary gold imports fell to 107 tonnes in July, a significant drop from 142.02 billion HKD (14.63 billion USD) in the same month.

The value of shipments decreased to HK$114.71 billion (US$14.63 billion) from HK$142.02 billion. Ming Lam, councillor of the Greater China Division of CPA Australia, stated that import demand related to stocking has started to stabilise after the bulk of gold inventories were built up in June. Ming Lam also noted that investors and traders may rebalance their investment portfolios, including gold positions.

Notably, China's net gold imports via Hong Kong rose by 11% in July, reaching 56.193 tonnes, a 28% increase compared to the same period in 2025. This surge is fuelled by strong retail buying of gold jewellery, bars, and coins in mainland China, where gold consumption reached 511.41 tonnes in the first half of 2026, up 1.23% year-on-year.

The new gold clearing and settlement system in Hong Kong, though in its early stages, is expected to boost regional liquidity and streamline operations for institutions managing both physical and financial gold exposure.