Gold merchants from the Middle East and Russia have sold physical gold in Hong Kong at a 15% to 20% discount since early April, after shifting stock that had been meant for Dubai because of the US-Israel war with Iran. [1]
Haywood Cheung Tak-hay, chairman of HKGX, said the discounted sales came after the conflict prompted merchants to move their gold stocks to Hong Kong. He said they were seeking quick sales and could price the metal lower because they were selling directly in the city without intermediaries. [1]
Some of the gold was first sold in Dubai and then re-exported to Hong Kong before merchants began selling directly there, according to the facts provided. [1] Dubai is the largest gold-trading hub in the United Arab Emirates. [1]
The discount began on 2026-04-01, and the sales have continued into May as the merchants keep offering gold to Hong Kong buyers below market rates. [1]
