Local gold imports dropped dramatically from 150 tonnes in the first three months to just one tonne in April.
Chinese Gold & Silver Exchange Society president Raymond Chan Fat-chu attributed the decline to the sharp rise in gold prices during April.
In January, gold prices dropped to an 18-year low of US$277 an ounce, leading, he said, to a rise in retail demand for physical gold.
'Gold imports rose 20 per cent in the first quarter compared to last year,' Mr Chan said.
'However, the gold price rose to nearly $300 in April which reduced demand for jewellery gold, so imports went down.' Mr Chan forecast imports for the full year to be less than last year's record 438 tonnes if prices remain at present levels.
Imports would bounce back if the price fell to $250 an ounce.