China's Gold Imports Surge to 173 Tonnes in June, Highest Since 2024

China imported 173 tonnes of gold in June, the largest monthly influx since March 2024 and the third consecutive month of growth. The volume lifts total gold imports for the first half of 2026 to roughly 820 tonnes, about double the amount recorded for the same period a year earlier and the second‑highest half‑year total on record.

The surge is driven by retail investors buying the dip as gold prices fell from above $4,500 to around $4,000, and by banks replenishing inventories after stockpiles were drained. Gold‑backed ETFs in China have attracted about 28 tonnes of inflows year‑to‑date, reinforcing both institutional and retail interest.

Analysts note that softer international gold prices, a stronger yuan and banks' use of import quotas also contributed. While withdrawals from the Shanghai Gold Exchange rose 36% in June, overall wholesale demand remained modest. Market participants are watching the imports for potential effects on global gold prices, with further developments likely to be influenced by monetary‑policy decisions and geopolitical tensions.