Hong Kong wants to become a global gold vault. Does the Iran war create an opening?
Geopolitical risk is driving a rethink of where bullion is stored – and Hong Kong’s unique status is drawing attention
But they argued that Hong Kong’s real opportunity was not to supplant established centres such as New York or London, but to capture growing wealth flows from Asia and the developing world.
“The Iran conflict adds a further layer, not only increasing demand for safe-haven assets like gold but also raising questions about the security, neutrality and accessibility of storage locations,” said Matteo Giovannini, senior finance manager at the Industrial and Commercial Bank of China (ICBC).
Giovannini, also an AsiaGlobal Fellow at the University of Hong Kong, said the city “does emerge as a potential beneficiary” in the current environment, though not necessarily as a primary destination for Western gold.
“Its opportunity lies in positioning itself as a key node for flows between China, the Middle East and other Global South actors seeking diversification away from traditional Western financial centres,” he added.
Trump-era unpredictability will likely accelerate such demand to diversify away from the US
In Germany, calls have also grown to repatriate gold as Washington’s increasingly aggressive foreign policy fuels concern that it could weaponise its financial muscle.