China's gold rush: June imports hit highest level since March 2024. Why it matters
The latest import wave comes as 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.
- Jul 26, 2026,
- Updated Jul 26, 2026 6:30 AM IST
China's appetite for gold is showing no signs of fading. Despite gold prices retreating from their record highs earlier this year, the world's largest consumer of the precious metal sharply increased imports in June, underscoring robust investor demand and a renewed stockpiling effort by banks.
According to data from China's General Administration of Customs, the country imported more than 173 tonnes of gold in June, the highest monthly total since March 2024. The latest figures also mark the third consecutive monthly rise in imports, highlighting sustained momentum in demand.
The surge has propelled China's first-half 2026 gold imports to around 820 tonnes, nearly double the level recorded during the same period last year. It 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.
Buying the dip
The latest import wave comes as 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. Instead, price corrections appear to be encouraging fresh buying from both institutional and retail participants.
The accompanying Bloomberg chart illustrates the trend clearly. After a relatively subdued start to 2025, imports accelerated sharply through the first half of 2026, with May and June accounting for a significant share of total purchases.
ETF demand adds another layer
Physical gold is not the only beneficiary of China's renewed interest.
Gold-backed exchange-traded funds (ETFs) in China have attracted 28 tonnes of net inflows so far in 2026, indicating that investors are also increasing exposure through financial products rather than relying solely on bullion purchases.
The simultaneous rise in physical imports and ETF inflows points to broad-based demand across different investor segments, reinforcing gold's role as a preferred safe-haven asset.
Why it matters
China is one of the world's largest gold consumers, and shifts in its buying patterns can have an outsized impact on global bullion markets.
With imports nearing record levels and ETF inflows remaining strong, the latest data suggest that Chinese demand remains resilient even after gold's recent price volatility. If the current pace continues, 2026 could challenge previous annual import records and provide continued support for global gold prices.
China's appetite for gold is showing no signs of fading. Despite gold prices retreating from their record highs earlier this year, the world's largest consumer of the precious metal sharply increased imports in June, underscoring robust investor demand and a renewed stockpiling effort by banks.
According to data from China's General Administration of Customs, the country imported more than 173 tonnes of gold in June, the highest monthly total since March 2024. The latest figures also mark the third consecutive monthly rise in imports, highlighting sustained momentum in demand.
The surge has propelled China's first-half 2026 gold imports to around 820 tonnes, nearly double the level recorded during the same period last year. It 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.
Buying the dip
The latest import wave comes as 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. Instead, price corrections appear to be encouraging fresh buying from both institutional and retail participants.
The accompanying Bloomberg chart illustrates the trend clearly. After a relatively subdued start to 2025, imports accelerated sharply through the first half of 2026, with May and June accounting for a significant share of total purchases.
ETF demand adds another layer
Physical gold is not the only beneficiary of China's renewed interest.
Gold-backed exchange-traded funds (ETFs) in China have attracted 28 tonnes of net inflows so far in 2026, indicating that investors are also increasing exposure through financial products rather than relying solely on bullion purchases.
The simultaneous rise in physical imports and ETF inflows points to broad-based demand across different investor segments, reinforcing gold's role as a preferred safe-haven asset.
Why it matters
China is one of the world's largest gold consumers, and shifts in its buying patterns can have an outsized impact on global bullion markets.
With imports nearing record levels and ETF inflows remaining strong, the latest data suggest that Chinese demand remains resilient even after gold's recent price volatility. If the current pace continues, 2026 could challenge previous annual import records and provide continued support for global gold prices.