China's Gold Imports Hit Two-Year High at 173 Tons in June

China imported 173 tons of gold in June 2026, the highest monthly volume since March 2024, according to customs data cited by multiple sources. This surge brings China's total gold imports for the first half of 2026 to approximately 820 tons, nearly double the same period in 2025 and the second-highest half-year total on record, trailing only 2025's 830-ton import level.

The increase occurs despite global gold price declines, reflecting sustained demand driven by multiple factors. Analyst Jijiye Wu from GenRui Futures attributed the surge to investors employing a "buying the dip" strategy when prices fall. Commercial banks are also maintaining physical gold stocks to support retail bullion sales, accumulation plans, and safety reserves. Additionally, new licensing regulations implemented by China's central bank on June 1 appear to have encouraged fuller utilization of existing import quotas.

Beyond physical imports, gold-backed Exchange Traded Funds (ETFs) in China have recorded approximately 28 tons of net inflows in 2026 so far, indicating that investors are increasing gold exposure through financial products as well as physical acquisitions. This dual-channel demand—physical imports and ETF investments—underscores the breadth of China's engagement with gold markets.

Analysts note that if current import rates continue, 2026 could establish an all-time annual record for Chinese gold imports. Given China's status as the world's largest gold consumer, the sustained purchasing power and import volume directly support global bullion market prices. The combination of record half-year imports and strong ETF inflows signals robust underlying demand in Chinese financial markets despite broader global economic uncertainty.