China's Gold Imports Soar to Record High Amid Strong Demand

China's gold imports have surged to an all-time high of 1,141 tonnes in the first eight months of 2026, with a value of $158.8 billion, surpassing the full-year total of $96.5 billion in 2025.

The robust demand is driven by a stronger yuan, which makes overseas bullion cheaper for Chinese importers, as well as robust domestic investment appetite and limited alternative options for Chinese households.

While this record import figure reflects several converging factors, the People's Bank of China has also been accumulating gold reserves, purchasing 20 tonnes in August, its largest monthly addition since October 2023.

However, despite strong demand, spot gold remains under pressure near $4,354 per ounce due to a strengthening dollar index and elevated interest rates.