Saudi Press

Saudi Arabia and the world
Wednesday, Dec 24, 2025

Investors pull gold from Hong Kong as tensions rise

Investors pull gold from Hong Kong as tensions rise

Private investors have begun to shift their holdings of gold from Hong Kong, months into the financial centre’s worst political crisis since the handover from British to Chinese sovereignty in 1997.

Gold is moving to Singapore and Switzerland as some individual investors eye other offshore jurisdictions to store their holdings of the precious metal, according to companies that sell gold in the city.

Hong Kong-based Joshua Rotbart, whose company sells physical gold to investors, said millions of dollars worth of the yellow metal was moving out of the city. In addition, no new clients were choosing to keep gold in the territory, he said.

“We don’t see any interest from new purchasers of gold to keep it in Hong Kong at the moment,” Mr Rotbart, a managing partner of J Rotbart & Co, said. “If someone now buys gold they will keep it elsewhere, and the immediate alternative is Singapore.”

Scott Schamber, managing director at Global Gold, a Zurich-based precious metals storage and services company with about 600 clients, said the company issued an alert earlier this month recommending its clients consider storing their gold in another location.

Gold is regularly flown between Hong Kong and Singapore, mostly in the form of kilo bars, depending on local prices for gold in both cities. One of Hong Kong’s main gold vaults is run by the international airport.

Mr Schamber said Global Gold, which has less than 10 per cent of the roughly $215m worth of precious metals it stores for clients located in Hong Kong, had become concerned that transporting gold out of the territory could become difficult after recent disruptions at the territory’s international airport.

“With China’s presence overlooking Hong Kong we’ve always kind of had that in the back of our mind anyway,” Mr Schamber said. A handful of its dozen or so clients in the territory has moved their holdings of the yellow metal to Switzerland.

Wealthy mainland Chinese clients are looking to buy gold in Singapore rather than in Hong Kong, Mr Rotbart said. “For Chinese clients, if you see [People’s Liberation Army] armed cars on the border and you hear the government saying we may need to enter Hong Kong, then that’s not an offshore centre any more,” he said.

Albert Cheng, chief executive of the Singapore Bullion Market Association, said he had heard of more inquiries by private investors to buy gold in Singapore recently, but that large physical gold trade flows had not been hit by the turmoil in Hong Kong.

“The private banking community says there are more inquiries,” Mr Cheng said. “But the actual flow is difficult to fathom.”

Most of the gold that China imports comes via Hong Kong and those flows have not been affected by recent turmoil, according to people familiar with the trade.

The People’s Bank of China curbed imports earlier this year in order to stop outflows of dollars, leaving large stocks of gold building up in Hong Kong. But the PBoC — which has taken such action before — has started to ease up on those restrictions this month, said industry insiders.

The movement of gold is also being portrayed as part of a shift in the private wealth management business in the region to Singapore. Philip Klapwijk, a managing director of Precious Metals Insights, who lives in Hong Kong, said: “There is a general shift in the private wealth business towards Singapore and the latest things in HK have only accelerated that.

“I’m not sure it’s so much ‘is my gold safe?’ It’s more HK’s star is fading and Singapore . . . is shining more brightly.”

Investors have eyed unrest in Hong Kong with growing unease. On Monday, Moody’s downgraded its rating of the financial hub’s outlook to negative, citing growing risks to its institutional strength amid continued integration with mainland China. The agency’s language echoed that used in rival Fitch Ratings’ downgrade of its rating for Hong Kong earlier this month.

Torgny Persson, chief executive of BullionStar, a Singapore-based gold dealer, said that “many” concerned investors had approached him about shifting holdings from Hong Kong.

“Singapore now …stands out as the premier location in Asia, if not the world, in terms of safety and rule of law for investors and savers looking for a stable jurisdiction for bullion wealth preservation,” he said.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia’s 2025: A Pivotal Year of Global Engagement and Domestic Transformation
Saudi Arabia to Introduce Sugar-Content Based Tax on Sweetened Drinks from January 2026
Saudi Hotels Prepare for New Hospitality Roles as Alcohol Curbs Ease
Global Airports Forum Highlights Saudi Arabia’s Emergence as a Leading Aviation Powerhouse
Saudi Arabia Weighs Strategic Choice on Iran Amid Regional Turbulence
Not Only F-35s: Saudi Arabia to Gain Access to the World’s Most Sensitive Technology
Saudi Arabia Condemns Sydney Bondi Beach Shooting and Expresses Solidarity with Australia
Washington Watches Beijing–Riyadh Rapprochement as Strategic Balance Shifts
Saudi Arabia Urges Stronger Partnerships and Efficient Aid Delivery at OCHA Donor Support Meeting in Geneva
Saudi Arabia’s Vision 2030 Drives Measurable Lift in Global Reputation and Influence
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
Saudi Arabia Positions Itself as the Backbone of the Global AI Era
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
OPEC+ Unveils New Capacity-Based System to Anchor Future Oil Output Levels
Will Saudi Arabia End Up Bankrolling Israel’s Post-Ceasefire Order in Lebanon?
Saudi Arabia’s SAMAI Initiative Surpasses One-Million-Citizen Milestone in National AI Upskilling Drive
Saudi Arabia’s Specialty Coffee Market Set to Surge as Demand Soars and New Exhibition Drops in December
Saudi Arabia Moves to Open Two New Alcohol Stores for Foreigners Under Vision 2030 Reform
Saudi Arabia’s AI Ambitions Gain Momentum — but Water, Talent and Infrastructure Pose Major Hurdles
Tensions Surface in Trump-MBS Talks as Saudi Pushes Back on Israel Normalisation
Saudi Arabia Signals Major Maritime Crack-Down on Houthi Routes in Red Sea
Italy and Saudi Arabia Seal Over 20 Strategic Deals at Business Forum in Riyadh
COP30 Ends Without Fossil Fuel Phase-Out as US, Saudi Arabia and Russia Align in Obstruction Role
Saudi-Portuguese Economic Horizons Expand Through Strategic Business Council
DHL Commits $150 Million for Landmark Logistics Hub in Saudi Arabia
Saudi Aramco Weighs Disposals Amid $10 Billion-Plus Asset Sales Discussion
Trump Hosts Saudi Crown Prince for Major Defence and Investment Agreements
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
×