According to SCMP , Hong Kong's Customs and Excise Department discovered a large quantity of gold bars in a shipment bound for Japan, based on risk assessment and intelligence analysis. The incident occurred last week.

This is the largest amount of smuggled gold ever seized by the agency. The gold was in a shipment awaiting air freight to Japan.

Inspector Daniel Chan Wing-yin said the shipment, declared as toys and hats, along with other items, consisted of 124 packages.

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The amount of gold seized by authorities. Photo: SCMP

"During the analysis of the X-ray images, the inspectors noticed that four packages had an unusually high density, inconsistent with the declared contents," he said.

They also discovered that each package weighed up to 17kg, exceeding the declared individual weight of 1.1kg.

Upon closer inspection of the packages, each contained several large boxes and two smaller boxes. The large boxes contained electronics, while the smaller boxes were used to conceal the gold.

A total of 64 gold bars, weighing 64 kg, were seized. Based on current gold prices, this amount is worth HK$46 million (US$5.9 million).

Authorities are currently verifying the origin of the gold and the identities of those involved.

The increased demand for gold bars amid escalating trade tensions has fueled a rise in gold smuggling. Behind this is the story of China's preference for gold in the economy .

According to China Daily , data from the China Gold Association shows that China's domestic gold production exceeded 377.24 tonnes in 2024, an increase of 2,087 tonnes compared to 2023, equivalent to a 0.56% year-on-year increase.

However, in 2024, gold consumption in the country decreased to 985.31 tons, a 9.58% decrease compared to the previous year. Of this, consumption of gold jewelry decreased by nearly 24.7% to over 532 tons, while demand for gold bars and coins increased by 24.54% to 373.13 tons. The use of gold for industrial and other purposes decreased slightly by 4.12%, totaling 80.16 tons.

China has been the world's largest consumer of gold for more than 10 consecutive years. It has also been the world's largest producer of gold for 15 consecutive years.

China also continued to purchase an additional 5 tons of gold. This marks the third consecutive month that China has increased its gold reserves after a six-month pause.

Gold currently accounts for 6% of China's total foreign exchange reserves. According to experts, this figure is still low if China wants to compete with the US dollar as a global reserve currency.

Analysts at Capital Economics believe that China's gold rush will continue amid rising global tensions, economic instability, and ongoing efforts to move away from the US dollar.

In the long term, experts believe that China's demand for gold will increase as its economy slows down this decade. This will put upward pressure on gold prices and cause greater volatility in the gold market in the coming years.

Source: https://archive.vietnam.vn/phia-sau-vu-phat-hien-64kg-vang-lau-giau-trong-do-choi-tai-san-bay/