China's Gold Imports Soar to Two-Year High Amid Pressured Prices
Chinese gold imports surged to a two-year high in June, reaching approximately 173 tonnes. This significant increase marks the highest level since March 2024 and represents a year-on-year rise of roughly 76% in the first five months of 2026. The trend coincides with a period of pressured gold prices and a stronger yuan, which may have influenced increased purchasing by banks and investors.
The upward trajectory of Chinese gold imports is consistent with supportive pricing for higher gold demand. Market behavior suggests that market participants view the current gold price environment as attractive, leading to increased purchases. China's official gold reserves have been on an upward trajectory for 20 consecutive months, reaching 2,346 tonnes in June.