China Surpasses 1,000 Tonnes in Gold Imports Through August

China's gold imports have surged past 1,000 tonnes in the first eight months of 2026, making it likely that the country will set another record for gold consumption this year. The volume imported through August was the highest on record since comparable customs data began in 2017.

The surge is attributed to increased investment demand, central bank buying, and weaker domestic alternatives driving a surge in Chinese bullion purchases. China spent around $158.8 billion on gold imports during the first eight months of the year, significantly higher than the $96.5 billion spent on 886 tonnes during the whole of 2025.

Investor demand has been particularly significant, with China remaining the world's largest market for gold bars and coins. Demand reached 314 tonnes in the first half of 2026, the strongest first-half performance on record, according to the World Gold Council (WGC).

The People's Bank of China reported a 20.2-tonne increase in its gold reserves in August, its biggest monthly purchase since October 2023. This move extends its buying streak to 22 consecutive months, taking official holdings to 2,387 tonnes.