China’s net gold imports via Hong Kong fell about 38% month-on-month in May, with Hong Kong Census and Statistics Department data showing on Thursday that they reached 53.674 metric tons, down from 86.715 tons in April.
As the world’s largest bullion consumer, China’s buying behaviour can influence global gold markets.
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 65.562 tons in May, down around 34% from April’s 99.327 tons.
“With direct import into China already having been very strong in recent months, it seems that there was less need to import from Hong Kong,” said UBS analyst Giovanni Staunovo.
China’s central bank increased its gold reserves for a 19th consecutive month in May, data from the People’s Bank of China showed earlier this month.
Gold reserves rose to 74.96 million fine troy ounces by the end of May versus the previous month’s 74.64 million ounces.
Meanwhile, the Hong Kong Futures Exchange said late last month that it would introduce a market-wide trading fee discount and incentive programmes for gold futures in a bid to boost liquidity and revitalise the contract.
Spot gold prices fell below the key psychological level of $4,000 per ounce for the first time since November 2025 on Wednesday, pressured by a firmer U.S. dollar and growing expectations of U.S. interest rate hikes.