"Record-breaking Gold Smuggling Bust in Hong Kong"
Originally Published 1 year ago — by CNBC
Hong Kong authorities seized over $10 million worth of gold, disguised as machine parts, in the city's largest gold smuggling bust. The gold, molded and camouflaged as part of two air compressors, was intended to be shipped to Japan to evade import tariffs. A 31-year-old has been arrested in connection with the case, and investigations are ongoing. This comes amid a surge in gold prices, with the commodity hitting successive record highs in 2024.