What’s new: Hong Kong customs has announced the seizure of a stash of gold worth about $11 million in the authority’s largest bust of its kind.
The approximately 146 kilograms (321.9 pounds) of gold was discovered on March 27 at Hong Kong International Airport during an inspection of two air compressors in a shipment bound for Japan, according to a Monday press release from Hong Kong’s Customs and Excise Department. Officers found the precious metal had been molded into the shape of air compressor parts.
The gold’s estimated market value of about HK$84 million ($10.7 million) made this the largest ever gold-smuggling case detected by Hong Kong customs in terms of seizure value, the release said.
The background: The precious metal has rallied over the past two months on expectations that the U.S. Federal Reserve will soon lower interest rates. Global central banks’ buying also contributed to the growing strength of the bullion.
China’s central bank added gold to its reserves in March, marking a 17-month consecutive buying streak.
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Contact reporter Qing Na (qingna@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
