Update: 29 July 2026
- June imports climb to 173.34 tons, highest since March 2024, according to customs data
- International gold price falls 8% in first half, while yuan-denominated price drops 10%
China’s gold imports surged 89.1% year-on-year in the first half of 2026 as falling bullion prices, a stronger yuan and sustained demand from investors and commercial banks encouraged overseas purchases.
The country imported 864.95 tons of gold between January and June, compared with 457.39 tons in the same period last year, according to figures from China’s General Administration of Customs.
China imported 94.16 tons in January, up from 16.52 tons a year earlier. Imports rose to 113.18 tons in February from 76.33 tons and to 161.86 tons in March from 73.67 tons.
Purchases stood at 159.84 tons in April, compared with 127.53 tons in the same month last year, before increasing to 162.55 tons in May from 99.55 tons.
Imports reached 173.34 tons in June, rising from 63.79 tons a year earlier and marking the third consecutive monthly increase. The June figure was the highest since March 2024.
Cheaper international prices and the appreciation of the yuan helped keep Chinese investors interested in bullion, while commercial banks increased imports to replenish inventories and meet commitments related to retail gold sales and accumulation plans.
Gold accumulation plans, offered by Chinese banks, allow individuals to purchase bullion in small increments and are among the main channels through which retail investors gain exposure to the precious metal.
Lower prices support investment demand
The international gold price declined 8% during the first half, while the yuan-denominated price dropped 10%, according to a July 14 report by the World Gold Council, or WGC.
The WGC calculations were based on the LBMA Gold Price PM, administered by ICE Benchmark Administration, and the Shanghai Benchmark Gold Price PM published by the Shanghai Gold Exchange, or SGE.
Both benchmarks fell 11% in June, according to the WGC, which attributed the decline partly to hawkish messages from US Federal Reserve Chair Kevin Warsh that pushed real yields and the dollar higher.
The stronger Chinese currency amplified the decline in local gold prices and made internationally sourced bullion relatively cheaper for domestic buyers, according to analysis published by Bloomberg and the WGC.
The first-half decline resulted in gold’s first semiannual loss since 2021, the WGC said.
Chinese gold-backed exchange-traded funds recorded net demand of 29 tons during the first half, the second-strongest first-half performance on record, according to WGC calculations based on company filings.
The funds’ total assets under management stood at 243 billion yuan ($36 billion) at the end of June, while their aggregate holdings reached 277 tons, the WGC said.
Chinese gold ETFs suffered record monthly outflows of 15 billion yuan ($2.2 billion) in June, reducing their holdings by 17 tons, according to the WGC.
The council attributed the June outflows to weaker gold prices and rising investor interest in Chinese equities, as reflected in increased stock-market account openings.
Despite the monthly outflow, Chinese gold ETFs attracted about 40 billion yuan ($5.6 billion) during the first half, the WGC said, based on data from fund company filings.
Institutional investor participation and uncertainty surrounding geopolitical and economic developments also supported first-half ETF demand, according to the council.
Daily average trading volumes in gold futures on the Shanghai Futures Exchange, or SHFE, rose by 4 tons month-on-month to 305 tons in June, according to SHFE data compiled by the WGC.
The June volume remained below the 2025 average of 457 tons per day but exceeded the five-year average of 265 tons, the WGC said.
Gold futures turnover averaged 386 tons per day during the first half as price volatility and increased hedging needs supported activity, according to the council’s analysis of SHFE data.
Open interest in gold futures stood at 274 tons at the end of June, down 8% during the month and 13% from the end of 2025, the WGC said, citing SHFE figures.
Central bank extends record buying streak
Gold withdrawals from the SGE rose 36% month-on-month to 87 tons in June, according to SGE data compiled by the WGC.
The council attributed the rebound to opportunistic restocking across the supply chain, continued demand for bars and coins, and comparison with May, when withdrawals fell to their lowest level in 16 years.
Despite the monthly recovery, June withdrawals remained close to the lowest levels recorded during the past decade because of continued weakness in gold jewelry demand, according to the WGC.
Total SGE withdrawals reached 598 tons during the first half, down 12% year-on-year and 27% below the 10-year average, the council said. The historical comparison was based on SGE data covering 2016 to 2025.
The WGC said resilient bullion investment was insufficient to offset weak jewelry consumption, which made manufacturers and retailers cautious about replenishing inventories.
The PBoC added 15 tons of gold to its reserves in June, its largest monthly purchase since October 2023, according to the WGC, citing figures from China’s State Administration of Foreign Exchange.
The June purchase brought the central bank’s first-half acquisitions to 40 tons and extended its gold-buying streak to 20 consecutive months, the longest on record, the council said.
China’s official gold reserves reached 2,346 tons, equivalent to about 8% of the country’s official foreign exchange assets, according to data from the State Administration of Foreign Exchange cited by the WGC.
The central bank accumulated 82 tons of gold during the 20-month purchasing streak, according to WGC calculations based on China’s official reserve disclosures.
The WGC said heightened geopolitical tensions, trade disputes and financial-market volatility continued to support gold’s appeal to central banks as an asset without credit risk.
Looking ahead, the WGC said Chinese jewelry consumption was likely to remain weak during the seasonal slowdown, although stabilizing gold prices could provide some support.
