China's May Gold Imports Reach Two-Year Peak

China imported approximately 163 tonnes of gold in May, the highest monthly volume in more than two years, according to customs data. The first five months of the year saw total imports rise to about 692 tonnes, a 76 % increase compared with the same period last year.

The surge is attributed to strong demand for physical gold bars and investment‑saving plans, as noted by researchers at the Guangzhou Gold Market Academy. Despite the import boom, gold prices have fallen roughly 25 % from their January highs, pressured by global inflation worries linked to the Middle East conflict.

On 1 June, China introduced a new gold‑import licensing system that gives certain banks greater flexibility and may have prompted institutions to exhaust their previous quotas ahead of the change, further boosting May’s import figures.