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With direct import into China already having been very strong in recent months, it seems that there was less need to import from Hong Kong," said UBS analyst Giovanni Staunovo.
China's central bank increased its gold reserves for a 19th consecutive month in May, data from the People's Bank of China showed earlier this month.
Gold reserves rose to 74.96 million fine troy ounces by the end of May versus the previous month's 74.64 million ounces.
Meanwhile, the Hong Kong Futures Exchange said late last month that it would introduce a market-wide trading fee discount and incentive programmes for gold futures in a bid to boost liquidity and revitalise the contract.
Spot gold prices fell below the key psychological level of $4,000 per ounce for the first time since November 2025 on Wednesday, pressured by a firmer U.S. dollar and growing expectations of U.S. interest rate hikes.
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