China’s total gold imports via Hong Kong in April top one-year high

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China’s total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday.

As the world’s leading gold consumer, China’s purchasing activities can significantly influence global gold markets. A sharp rebound in gold imports, following months of net exports, reflects shifting economic sentiment and a renewed confidence in the outlook for gold among China’s domestic investors.

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

Net imports via Hong Kong to China for April stood at 43.462 metric tons, compared to 4.889 metric tons net exports in March, the highest level since March 2024.

China’s total gold imports via Hong Kong reached 58.61 metric tons in April, up 178.17% from 21.07 tons in March, marking a more than one-year high.

Gold imports into China via Hong Kong were quite low in the first quarter despite overall demand remaining strong, due to relatively lower premiums over the spot price, said ANZ commodity strategist Soni Kumari.

“That led to supply tightness, and that pushed the spot premium higher. And when the spot premium is high, that incentivizes imports … Central bank buying demand also may have prompted to import more gold,” she added.

Premiums in China have remained firm recently, with dealers charging $44 to $50 per ounce above global benchmark spot prices last month.

Gold has hit multiple record highs so far this year and briefly broke through the $3,500/oz level in April, driven by a confluence of factors including uncertainty around US President Donald Trump’s tariff plans, expectations of US Federal Reserve rate cuts, and strong central bank buying.

China’s central bank added gold to its reserves in April for the sixth straight month, official data from the People’s Bank of China (PBOC) showed.

The central bank has approved foreign exchange purchases by some commercial banks to pay for gold imports under recently increased quotas, two people with direct knowledge of the matter said earlier this month.

(By Anushree Mukherjee; Editing by Emelia Sithole-Matarise and Joe Bavier)

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