The increase coincides with rising demand from China, the world's largest gold-consuming market, which saw official holdings grow by 80 tonnes in the first eight months of 2026. This volume is more than double the amount China purchased during the same period a year earlier, with Hong Kong serving as the primary gateway for these imports.
Wednesday, October 21, 2026
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Hong Kong's Russian Gold Imports Hit Record 112.7 Tonnes in 7 Months
Commodities15 days ago
Russian bullion now accounts for nearly 15% of all non-monetary gold imports into Hong Kong, a sharp increase from 0.6% in 2021. The city imported 112.7 tonnes of Russian gold from January to July 2026, representing a more than 34x increase over five years and exceeding the previous full-year record of 92.1 tonnes set in 2025. This shift follows Western sanctions that closed major markets in Europe and North America to Russian gold.
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