Asian Country Sees Record Gold Imports Amid Price Pullback

The gold market is seeing increased physical buying as prices pull back, according to recent data. A major Asian country saw its gold imports reach a two-year high in June, with 173 tons of gold being imported. This is the third consecutive month of growth, and represents a significant increase from May's imports of 163 tons.

The country's currency has strengthened, making physical gold purchases more attractive to investors. Commercial banks are also actively using their import quotas to replenish inventories, further driving up demand for gold accumulation and physical bars.

Jinrui Futures analyst Wu Zijie noted that residents buying on dips is an important driver of the recovery in demand. Banks are continuing to boost inventories to provide physical support for offline retail sales and gold accumulation business.