Hong Kong’s ambition to become a global gold trading hub is taking a significant leap forward with the expansion of the HKIA Precious Metals Depository at Hong Kong International Airport (HKIA). The Airport Authority Hong Kong (AAHK), the driving force behind this project, is working on a phased expansion plan to accommodate the surge in demand for secure gold storage and trading services.
Since its inception in 2009, the Precious Metals Depository has been a cornerstone for bullion trading and settlement, serving a diverse clientele including central banks, commodity exchanges, bullion banks, precious metal refineries, and ETF issuers. With a current storage capacity of 150 tonnes, the depository has been instrumental in facilitating the flow of gold within the global market.
The expansion project will initially increase the storage capacity to 200 tonnes at the existing site. However, the long-term vision is even more ambitious, with plans to eventually expand the capacity to a staggering 1,000 tonnes. This ambitious goal will be achieved through a series of phased developments, offering significant growth potential for the depository and Hong Kong’s gold trading landscape.
The AAHK emphasizes its commitment to collaboration with the government and industry stakeholders to ensure the expanded facility operates optimally and contributes meaningfully to the Hong Kong economy. Vivian Cheung, Acting Chief Executive Officer of AAHK, expressed enthusiasm for the project, stating, “We welcome and fully support measures put forward in the Chief Executive’s Policy Address to establish Hong Kong as an international gold trading centre. In the past few years, the demand from investors for gold storage, trading and delivery in Hong Kong has grown significantly. With its secure location at one of the busiest aviation hubs in the world, the HKIA Precious Metals Depository has been and will continue to be an ideal facility for investors from all around the world.”
This expansion signifies a strategic move by Hong Kong to solidify its position as a global gold trading hub. The increased capacity will attract more investors and businesses seeking secure storage and trading services, further enhancing Hong Kong’s economic competitiveness in the global precious metals market.