China’s gold imports from Hong Kong rose to 16.2 tons in November, doubling from the previous month. However, overall imports remain low compared to earlier in the year, suggesting demand has decreased. In November, total imports stayed at 30.2 tons, similar to October. Exports fell to just over 14 tons. From January to November 2025, net imports reached 191.7 tons, which is a significant 45.5% drop from the previous year.

Gold Import and Export Trends

In contrast, exports more than doubled compared to last year, even as imports dipped by 11%. High gold prices last year slowed down China’s demand for imports but led to increased exports due to weaker local demand. We’ve also noticed lower gold shipments from Switzerland to China and Hong Kong. While net gold imports through Hong Kong doubled in November 2025 from a weak October, they are still historically low. For the first eleven months of last year, net imports were down an impressive 45.5% from the same time in 2024. This indicates that Chinese buyers are very sensitive to the high gold prices observed last year. Price sensitivity is crucial here; the dramatic rise in gold prices in 2025 not only reduced import demand but also spurred exports. We’ve seen this before: high prices can cool purchases in major markets temporarily. This trend is confirmed by data showing lower gold deliveries from Switzerland to China in 2025. As of January 9, 2026, gold prices have dropped about 6% from their late 2025 highs, now trading around $2,280 per ounce. This decrease could provide a great buying opportunity for Chinese consumers who were previously put off by high prices. We should be on the lookout for signs that this lower price is rekindling physical demand.

Lunar New Year and Market Implications

This is especially vital with the Lunar New Year coming up on February 17th. This holiday is a peak time for gold sales, meaning jewelers and retailers will need to replenish their stock soon. A mix of strong seasonal demand and more appealing prices could boost gold derivatives. We are also watching the actions of the official sector, particularly the People’s Bank of China. They paused gold purchases in the last two months of 2025 after buying for 18 months straight. If they resume buying at these lower prices, it would be a strong positive signal for the market. On the other hand, if the PBoC remains inactive, it may indicate they are waiting for an even larger price drop. Create your live VT Markets account and start trading now.

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