China’s net gold imports via Hong Kong more than doubled in July

China’s net gold imports via Hong Kong rose 126.81% in July from June, Hong Kong Census and Statistics Department data showed on Tuesday.

As the world’s leading gold consumer, China’s purchasing activities can significantly influence global gold markets.

The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing.

Net imports via Hong Kong to China for July stood at 43.923 metric tons, compared to 19.366 tons of net imports in June.

China’s total gold imports via Hong Kong reached 58.296 tons in July, down 67.91% from 34.719 tons in June.

China’s central bank added gold to its reserves in July, its ninth consecutive month of purchases, official data showed earlier this month.

Global gold demand including over-the-counter (OTC) trading rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025 as investment jumped 78%, the World Gold Council said last month.

“I guess Chinese investors still are looking at gold [to diversify their asset base], and therefore we have seen a shift in flows towards China in July,” said UBS commodity analyst Giovanni Staunovo.

“Also the Shanghai gold price traded above the London price most of the time in July, an indication of solid demand last month, although this month it was less so,” Staunovo added.

(By Anmol Choubey; Editing by Susan Fenton and Bernadette Baum)