Hong Kong's current lack of legal infrastructure, custody standards, and specialist market depth compared to London and New York will limit its ability to become a dominant global gold trading hub.

"Real liquidity follows trust. Legal infrastructure is just as important as vault space in attracting investors, from bullion standards and custody arrangements to a deep market of specialists who can provide the necessary foundation for a functional futures market. On that front, Hong Kong still has work to do before it can really glitter as China's global gold hub."