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In FocusGolden hour: why Hong Kong may finally succeed in becoming precious metal’s trading hub
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Julie ZhangPublished: 9:00am, 31 Aug 2026Updated: 9:01am, 31 Aug 2026
For decades, Hong Kong has been a hub for gold jewellery. Brands such as Chow Tai Fook and Chow Sang Sang have drawn buyers from the world over, aided by the city’s duty-free status and its proximity to one of the world’s largest gold-consuming markets.
Two years ago, when officials set the goal of making Hong Kong a global gold trading hub comparable to New York and London, it was met with scepticism. Similar efforts in the past had ended in failure.
The doubts, however, began to fade in early July, when the city announced the launch of a central clearing and settlement system, alongside a delivery connect with the Shanghai Gold Exchange.
“Hong Kong’s unique value is to be the superconnector and super value-adder between mainland China’s gold market and international bullion markets,” said Stephen Law Cheuk-kin, president of the Hong Kong Institute of Certified Public Accountants (HKICPA).
“The mainland is one of the world’s most important gold-consuming, importing and producing markets, while Hong Kong provides international capital, global banks, insurers, commodity traders, sophisticated legal and professional services, and multi-currency funding and hedging capabilities.”
Tensions send gold prices soaring
Hong Kong’s gold ambition has resurfaced at a time when geopolitical tensions – from Russia’s invasion of Ukraine in 2022 to the US-Israel war on Iran launched in February – have profoundly transformed views on gold, long used as currency and a hedge in uncertain times.AdvertisementSelect VoiceSelect Speed00:0000:001.00x