China’s Gold imports plunge to seven-month low – Commerzbank

China’s gold demand cools

China’s demand for gold has weakened, with imports dropping to the lowest level in seven months while exports to Hong Kong have increased sharply. As a result, China’s net gold imports are now about 45% below the level recorded a year earlier, according to Commerzbank’s assessment.

Import and export dynamics

Commerzbank notes that China’s gross gold imports have fallen to a seven‑month low, signalling softer physical demand from the world’s largest consumer of the metal. At the same time, shipments of gold from China to Hong Kong have surged, which amplifies the decline in net imports compared with last year.

Factors behind weaker demand

Analysts attribute the lower net imports partly to subdued retail interest and reduced price premiums on the Shanghai market versus international benchmarks. Elevated global prices and changes in Chinese tax policy on certain gold transactions are also seen as restraining purchases for jewellery and industrial use.

Market implications

The fall in China’s net gold inflows suggests that physical demand is no longer providing the same level of support to global gold prices as before. Nevertheless, institutional buying, including central bank activity, may partly offset weaker consumer‑driven imports in shaping the broader market balance.

“China's appetite for Gold is slowing as imports fall to seven-month lows, while exports to Hong Kong surge, pushing net imports 45% below last year's level.”

Author’s summary

China’s gold imports have slumped to a seven‑month low, and booming exports to Hong Kong have driven net inflows roughly 45% below last year, underscoring visibly softer physical demand.

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FXStreet FXStreet — 2025-11-28

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