China’s gold imports surge 89% in first half of 2026

China imported 864.95 tonnes of gold in the first half of 2026, an 89.1% jump from 457.39 tonnes in the same period last year, as declining international prices and a stronger yuan drew investors and commercial banks back into the market. The figures, released by China's General Administration of Customs, show purchases accelerating through the second quarter, with June imports reaching 173.34 tonnes — the highest monthly total since March 2024.news.metal+1

The surge came as the international gold price fell 8% during the first half, while the yuan-denominated price dropped 10%, according to the World Gold Council. Commercial banks ramped up imports to replenish inventories and meet commitments tied to retail gold accumulation plans, which allow individuals to buy bullion in small increments through their bank accounts.news.metal

Central Bank Extends Record Buying Streak

The People's Bank of China added 15 tonnes of gold to its reserves in June, its largest monthly purchase since October 2023, according to data from the State Administration of Foreign Exchange reported by Reuters. The addition brought total holdings to 2,346 tonnes — equivalent to roughly 8% of China's official foreign exchange reserves — and extended the central bank's buying streak to a record 20 consecutive months.reuters+2

Over that streak, the PBoC has accumulated 82 tonnes of gold, the World Gold Council calculated. The purchases are widely interpreted as part of Beijing's longer-term effort to diversify reserves away from the U.S. dollar amid ongoing geopolitical tensions and trade disputes.scmp+2

Physical Market Gains Weight

Gold withdrawals from the Shanghai Gold Exchange rose 36% month-on-month to 87 tonnes in June, though total first-half withdrawals of 598 tonnes remained 12% below last year and 27% below the 10-year average, reflecting persistent weakness in jewelry consumption.news.metal

Chinese gold-backed exchange-traded funds recorded net demand of 29 tonnes during the first half — the second-strongest first-half performance on record — even as the funds suffered a record 15 billion yuan ($2.2 billion) in outflows during June amid rising interest in Chinese equities.gold+1

Meanwhile, two of China's largest banks — Industrial and Commercial Bank of China and Postal Savings Bank of China — halted paper gold trading for retail investors at the end of July, a move market observers say is designed to curb speculation and shift price discovery toward physical holdings.ad-hoc-news

JP Morgan JPMorgan Chase & Co. ↗ 1.78% Wealth Management projects gold will end the year between $4,350 and $4,650, while WisdomTree ↗ 3.07% expects broader precious metals support from the current macro environment.financemagnates