Gold imports into China rose to a two-year high in June, highlighting steady demand in the world’s largest precious-metals market after an international price slump. Bloomberg reports this.

Overseas purchases increased for the third month in a row, reaching about 173 tonnes, according to the latest customs data. This is the highest figure since March 2024. Lower prices and a stronger yuan supported investors’ interest, while banks sought to secure import quotas and replenish precious-metals stocks to meet obligations to retail clients.

“Buying on the dip is an important driver of recent demand,” said Zi Zhe Wu, an analyst at Jinrui Futures Co. “Commercial banks need to build up inventories to ensure physical coverage of retail gold sales and wealth-accumulation programs, and also maintain a certain buffer in case demand spikes.”

Wealth-accumulation plans offered by many banks allow individuals to buy gold in small installments. This is one of the main ways for Chinese retail investors to gain exposure to the precious metal.

Backed by gold exchange-traded funds (ETFs)—another popular instrument—have also attracted around 28 tonnes of net inflows since the start of the year, according to calculations by the Shanghai Gold Exchange.

Banks hold licenses to import gold under strictly controlled quotas issued irregularly by the People’s Bank of China. The rise in imports likely also helped spur the new licensing regime that took effect on June 1—it encouraged banks to use up the existing quotas.

Some banks may have reserved shipments up to June, but the gold was recorded later due to the time required for financing, transportation, and customs clearance, Zi Zhe Wu noted.

The domestic premium for gold, which had been maintained for most of the first half of the year, means that it is cheaper for banks to buy the precious metal on the international market, he added.

#GlobalEconomicNews , #FinancialNews2026

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