China’s Net Gold Imports via Hong Kong More Than Double in July
China’s net gold imports through Hong Kong surged sharply in July 2025, rising by 126.8% compared to the previous month, according to data released by the Census and Statistics Department of Hong Kong.
Net imports reached 43.9 metric tons in July, up from 19.3 metric tons in June, reflecting strong buying momentum.
Although Hong Kong data does not provide the full picture of China’s gold purchases—since imports also flow through hubs such as Shanghai and Beijing—it remains a strong indicator of the country’s appetite for the precious metal. As the world’s largest gold consumer, China’s buying activity has significant influence on global market trends.
Meanwhile, China’s total gold imports via Hong Kong stood at 58.3 metric tons in July, marking a 67.9% decline compared to 34.7 metric tons in June.
At the same time, the People’s Bank of China (PBoC) continued to add to its gold reserves for the ninth consecutive month in July, according to official data, underscoring its long-term strategy to strengthen bullion holdings.
The World Gold Council also reported last month that global gold demand, including over-the-counter transactions, rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025, driven by a 78% surge in investment demand. This highlights the metal’s renewed role as a key hedge amid global market volatility.
