China's Gold Imports Soar to Two-Year High Amid Global Economic Uncertainty

China's gold imports surged to a two-year high in June 2025, driven by strong central bank purchases and renewed investor interest in the precious metal as a safe-haven asset.

The People's Bank of China has been consistently buying gold over the past 18 months, adding to its reserves as part of a broader strategy to diversify away from the US dollar.

This institutional demand was complemented by a surge in private investment, as retail and institutional investors sought refuge from volatile equity markets and a weakening yuan.

The combination pushed total imports to levels not seen since mid-2023, according to data from the China Gold Association and customs records.