China's June Gold Imports Rise to 173 Tonnes, Hitting Highest Level Since March 2024
Miles Bennett
China imported roughly 173 tonnes of gold in June, the highest single month since March 2024 and the third consecutive monthly increase. This means → Chinese buyers are treating the recent price pullback as a buying window, not an exit signal.
How big is 173 tonnes in one month?
June imports reached about 173 tonnes, the highest single month since March 2024 and the third straight monthly gain.
This means → this is not a one-off spike but a sustained acceleration in buying.
What does the first-half total look like?
China's H1 2026 gold imports totalled roughly 820 tonnes, nearly double the year-ago period.
That is the second-highest first half on record, behind only the ~830-tonne record set in 2025.
In plain terms = 820 tonnes in six months, almost matching last year's record-breaking first half — China's appetite for gold remains at extreme levels.
Who is buying, and why?
Two forces are working in tandem: investors buying the dip + banks restocking to meet retail demand.
A stronger renminbi has cut import costs, effectively giving Chinese buyers a discount.
Banks ramped up shipments of physical bars and gold savings plans; Chinese gold ETFs have attracted ~28 tonnes of inflows year-to-date.
This reflects investment demand and consumer demand pushing imports simultaneously, not a single driver.
Can this pace hold in the second half?
Whether H1's strong imports carry into H2 depends on two variables: the path of international gold prices and the renminbi exchange rate.
Put simply = if gold dips further and the yuan stays strong, Chinese buyers will likely keep buying; if either reverses, the pace may slow.
Content is for reference only, not financial advice.