Net Gold Imports to China via Hong Kong Peaked in November

The total gold imports via Hong Kong recorded a surge of 60% from October this year to total 45.22 metric tons in November 2024.

SEATTLE (Scrap Monster): According to the most recent data released by the Hong Kong Census and Statistics Department, there was a noticeable increase in Chinese net gold imports through Hong Kong in November of this year. Compared to the previous month, the imports doubled. Additionally, imports reached their highest point in seven months. By the way, the world's biggest consumer of gold is China.

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In November 2024, Hong Kong's total gold imports reached 45.22 metric tons, a 60% increase from October of this year. For almost eight months, this was the highest level. Official sector purchases are responsible for a share of these purchases. After a six-month break, the Chinese central bank reportedly started buying gold again to replenish its reserves. Throughout the month, sales of bars and coins were strong. Demand for jewelry has also improved, according to reports.

Since China also imports gold through Beijing and Shanghai, the Hong Kong data is insufficient to provide a comprehensive picture of the country's gold-buying activity.

According to Swiss Customs data, gold exports from Switzerland surged in November compared to October of this year, mostly as a result of a resurgence in deliveries to China and Hong Kong and an increase in supply to India.

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