China's Gold Imports Jump 89% in H1 2026, Hit 173 Tons in June

China imported 864.95 tonnes of gold from January to June 2026, an 89.1% year‑on‑year increase. June alone saw 173.34 tonnes, the highest monthly total since March 2024 and the third consecutive month of growth.

The surge was driven by a combination of falling international gold prices (down about 8% in the first half, with the yuan‑denominated price down 10%) and a stronger yuan that made overseas bullion cheaper for domestic buyers. Chinese commercial banks ramped up purchases to replenish inventories for retail gold‑savings plans and to meet strong investor demand. Gold‑backed exchange‑traded funds attracted roughly 28 tonnes of inflows in 2026, underscoring continued market interest.

Customs data and World Gold Council benchmarks confirm the price declines, with both the LBMA and Shanghai Benchmark prices slipping 11% in June. The larger import volumes reflect sustained demand for physical bullion despite the price drop.