Chinese gold imports hit two-year high in June amid price drop

Chinese gold imports surged to a two-year high in June, according to recent data. The imports reached approximately 173 tonnes, marking the highest level since March 2024. This increase follows May’s imports of around 163 tonnes and reflects a year-on-year rise of roughly 76% in the first five months of 2026. The trend coincides with a period of pressured gold prices and a stronger yuan, which may have influenced increased purchasing by banks and investors. Additionally, China’s official gold reserves have been on an upward trajectory for 20 consecutive months, reaching 2,346 tonnes in June. Key Takeaways Market behavior suggests the rise in Chinese gold imports is consistent with supportive pricing for higher gold demand. The increase in imports may indicate that market participants view the current gold price environment as attractive. The ongoing accumulation of gold by China appears consistent with a strategy to bolster reserves amid favorable market conditions. What to Watch Markets will likely monitor further data releases on gold imports and reserves, especially if China’s demand continues to rise. Central bank actions, particularly any announcements from the People’s Bank o...