Trading hub ambitions see Hong Kong’s gold imports hit 11-year high in June
Investor appetite, international precious metals trading hub ambitions drive growth as imports hit highest volume since late 2014
Hong Kong’s gold imports are set to maintain an upwards trajectory after crossing the 150-tonne mark in June for the first time in over a decade, driven by renewed investor appetite and the city’s ambition to transform itself into a premier international precious metals trading hub, analysts said.
The city’s gross monthly gold imports reached 150.48 tonnes last month, representing a nearly 29 per cent month-on-month surge, according to data released this week by the Census and Statistics Department.
The figures, which track non-monetary shipments comprising physical bullion alongside raw and semi-processed forms, mark the highest monthly volume since late 2014.
“It reflects appetite for gold from investors after the recent correction. In addition, a stronger yuan makes gold prices look more attractive,” said Prashant Bhayani, BNP Paribas Wealth Management’s chief investment officer for Asia. “Given the setting up of the gold clearing system, this likely means banks bought in advance to satisfy demand from investors.”
“Overall we are constructive on gold and think medium-term gold imports can continue, but expect continued volatility given the global macro situation,” Bhayani said.