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China's net gold imports via Hong Kong in July rose about 11 percent from June and 28 percent year-on-year, Hong Kong Census and Statistics Department data showed on Tuesday, supported by an uptick in investment demand.
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The world's top gold consumer imported a net 56.193 metric tons in July, compared with 50.679 tons in June and 43.923 tons in July 2025, the data showed.
"The increase in net imports would most likely reflect an uptick in demand for investment products such as bar and coin as jewellery demand is flat in the face of an uncertain economy," said Rhona O'Connell, head of market analysis at StoneX.
China's total gold imports via Hong Kong stood at 75.457 tons in July, down more than 3 percent from June's 78.147 tons.
The Hong Kong data may not provide a complete picture of Chinese purchases, because gold is also imported via Shanghai and Beijing.
China's central bank stepped up its gold purchases for a fifth straight month in July, adding the most bullion to its reserves since October 2023, official data showed earlier this month.
"It is worth noting that China's gold imports have posted a series of all-time highs YTD. Why? Also because China views gold as a strategic tool to support the internationalisation of CNY," Bank of America analysts said in a note last week.
"By linking gold markets more closely to RMB-denominated trading, clearing and settlement, Beijing is gradually expanding alternatives to the dollar-centric financial system," adding that the launch of Hong Kong's precious metals central clearing system represents an important step in that strategy.
Spot gold recorded its first monthly gain in five in July, as softer-than-expected US economic data reduced expectations of further interest rate hikes.
Reuters
