Hong Kong Resumes Record-Breaking Purchases of Russian Gold, Spending $750 Million in May Alone

Hong Kong significantly increased its purchases of Russian gold in May, buying almost 60 times more than in April, reaching a total of $750 million—the highest amount since October of the previous year. This surge in imports marks a notable rebound from earlier in the year when there were no purchases recorded in February, and only modest amounts in March ($829,000) and April ($13 million).

Throughout the previous year, Hong Kong had been an active buyer of Russian gold, but the pace of purchases slowed in December amid rising gold prices. However, by late spring, the city had imported a staggering $750 million worth of the precious metal from Russia, which is 58 times the figure for April. This level of purchasing was only surpassed three times before—during August, September, and October of the previous year.

By the end of May, Russia regained its position as the second-largest supplier of gold to Hong Kong, accounting for 15% of total imports. The United Arab Emirates remains the largest supplier, with shipments totaling $1.8 billion in May. Mainland China completes the top three, with gold imports amounting to $621 million.