China's June net gold imports via Hong Kong up from year ago, down from May

China’s net gold imports via Hong Kong more than doubled year-on-year in June, but slipped over 5% from the previous month, data from Hong Kong’s Census and Statistics Department showed on Monday.

The world’s top gold consumer imported a net 50.679 metric tons of gold via Hong Kong in June, compared with 53.674 tons in May and 19.366 tons in June 2025, the data showed.

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

China’s total gold imports via Hong Kong stood at 78.147 tons in June, up 19% from May’s 65.562 tons.

Spot gold prices fell more than 11% in June, marking a fourth straight month of declines.

China’s central bank reported its biggest monthly increase in gold reserves in more than 2-1/2 years in June, official data showed. Reserves hit 75.44 million fine troy ounces by the end of June, versus 74.96 million a month earlier.

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Meanwhile, earlier this month, Beijing and Hong Kong authorities unveiled a range of measures to bolster gold trading in Hong Kong. Hong Kong launched a central clearing system for gold and also revived dollar gold futures trading and is looking at introducing yuan-denominated gold futures as it seeks to become a regional reserve hub for the precious metal.

“Gold flows through Hong Kong were likely inflated in recent months by the launch of new settlement and clearing contracts, but recent data suggest shipments are normalising and moving more directly into mainland China,” said independent analyst Ross Norman.

“But, broadly speaking, physical flows into China remain healthy.”