China's Gold Imports Surge to Highest Level Since March 2024
China's gold imports surged in June to their highest level since March 2024, underscoring robust investor demand and a renewed stockpiling effort by banks. The country imported over 173 tonnes of gold last month, marking the third consecutive monthly rise in imports.
The increase has propelled China's first-half 2026 gold imports to around 820 tonnes, nearly double the level recorded during the same period last year. This is also the second-highest first-half import total on record, trailing only the roughly 830 tonnes imported in the first six months of 2025.
Chinese investors took advantage of softer gold prices to accumulate the metal, while commercial banks stepped up overseas purchases to replenish inventories amid strong retail demand. The pattern suggests that lower prices have not weakened China's conviction in gold.