Asian Giants Vie for Global Gold Supremacy

Russian gold shipments have surged in Hong Kong this year, making it an increasingly important hub for trading bullion affected by Western sanctions. Since the invasion of Ukraine, Russian bullion producers have been cut off from much of the London-centred market.

In the first seven months of 2026, nearly 100 tonnes flowed into Hong Kong, almost three times the amount a year earlier. Much of that gold does not stop in Hong Kong; it ultimately flows to mainland China, where investors, jewellery buyers, and the central bank make the country both the world's largest gold producer and major consumer.

Hong Kong is building its infrastructure around China, linking its physical market with the Shanghai Gold Exchange. The new price code 'HAU,' or 'Hong Kong Gold,' was introduced in July to give regional supply and demand a greater role in price discovery.