China’s Gold Imports from Hong Kong Surge to Nearly 59 Tons in April – Commerzbank

China’s Gold Imports from Hong Kong Surge to Nearly 59 Tons in April – Commerzbank

China's gold imports from Hong Kong surged dramatically in April, reaching nearly 59 tons—about three times the volume recorded in March and matching levels seen a year ago. This significant increase comes despite high gold prices, which have generally dampened demand for jewelry.

According to Commerzbank analysts, the unexpectedly strong demand is likely driven by banks receiving larger import quotas, which were utilized even though overall demand remained subdued. Net imports accounted for 43 tons in April, a notable reversal from net exports to Hong Kong seen in the previous month.

While these figures highlight a strong flow of gold through Hong Kong, they are consistent with China's overall gold import data for April, which was already released by the country’s customs authorities. The rise in imports reflects ongoing interest in gold as a store of value amid global economic uncertainties.