(Kitco News) – China’s gold imports set a fresh two-year high in June, with the plunge in international gold prices making the yellow metal even more attractive in the world's biggest market for bullion.
Overseas purchases rose for a third straight month to approximately 173 tonnes, according to the latest customs data. June’s imports were the highest since March 2024 and outdid May’s 163-tonne total. Cheaper prices and a stronger local currency drove investor interest, while banks also took the opportunity to max out import quotas and stock up on bullion to meet retail demand.
“Investors buying the dip is an important driver of recent demand,” Jinrui Futures analyst Zijie Wu told Bloomberg. “Commercial banks need to build up their inventories to provide the physical backing for retail bullion sales and gold accumulation plans, as well as preserving some safety reserve for when demand spikes.”
Accumulation plans offered by Chinese banks allow individuals to buy gold in small increments, and are one of the popular ways Chinese retail investors gain exposure to bullion.
Chinese banks hold licenses to import gold based on strictly controlled quotas given out irregularly by the People's Bank of China. June’s import levels were also likely boosted by the new licensing regime beginning June 1, which incentivized banks to use up their existing quotas.
China’s gold imports also reached their highest monthly level in over two years in May, as prices remained 25% below their early 2026 highs.
China imported approximately 163 tonnes of gold in May, according to customs data released in late June. Bullion import volumes totaled around 692 tonnes through May, a 76% increase from the same period in 2025.
Song Jiangzhen, a researcher at the Guangzhou Southern Gold Market Academy, told Bloomberg at the time that Chinese demand for gold bars, along with gold linked to incremental bullion accumulation plans for consumers, were among the main drivers of the recent surge in imports.
May’s outsized import numbers outdid April’s standout performance, driven by the domestic price premium during the month.
“Net gold imports into China totaled 157t in April, according to the most recent data from China Customs, rising 10% m/m and 40% higher y/y and making this the strongest month since March 2024,” noted Ray Jia, research head for China at the World Gold Council (WGC). “The positive local gold price spread remained a key factor in encouraging imports.”
Looking ahead, Jia said that seasonality “suggests stability in the gold jewellery sector as the industry replenishes following weak buying in previous months.”
