China Gold Imports Surge to Two-Year High in June

China's gold imports reached a two-year high in June, according to Kitco News. The country imported approximately 173 tonnes of gold, surpassing the 163 tonnes recorded in May and marking the highest level since March 2024.

The surge in imports was driven by lower international gold prices and a stronger local currency, which spurred investor interest. Banks also took advantage of the situation by maximizing their import quotas and building up bullion inventories to satisfy retail demand.

Jinrui Futures analyst Zijie Wu commented that investors buying the dip has been a significant factor behind recent demand. Commercial banks need to increase their inventories to provide physical backing for retail bullion sales and gold accumulation plans, as well as to maintain a safety reserve for potential demand surges.