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

While monthly shipments cool from record highs, banks and logistics giants are racing to secure physical space for the city’s rising bullion trade Gold flows into Hong Kong eased to about 107 tonnes in July despite mainland corporate buyers pouring capital into new bullion vaults, as they bet on the city’s strategic ambition to establish itself as Asia’s premier hub for the precious metal. The value of shipments fell to HK$114.71 billion (US$14.63 billion) from HK$142.02 billion, according to data released by Hong Kong’s Census and Statistics Department. “Import demand related to stocking has started to stabilise since the gold inventory build-up was largely completed in June,” said Ming Lam, councillor of the Greater China Division of CPA Australia. “Investors and traders may rebalance their overall investment portfolios, including their positions in gold.” Even with the monthly correction, appetite remained strong compared with February, when imports stood at just 72.16 tonnes. The robust demand comes as banks and logistics companies bet on Hong Kong’s gold vaults, moving to secure physical storage capacity as shipments for the precious metal expand.

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