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macroJul 25, 2026, 4:31 PM

China Gold Imports Hit 173 Tonnes in June, Highest Since March 2024

China imported 173 tonnes of gold in June, the largest monthly volume since March 2024, driven by dip buying and inventory rebuilding. Total first-half imports nearly doubled to 820 tonnes, the second-highest on record.

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China’s gold imports surged to 173 tonnes in June, marking the highest monthly figure since March 2024 and the third consecutive monthly increase, according to data cited by The Kobeissi Letter.

This pushed total imports in the first half of 2026 to approximately 820 tonnes, nearly double the prior year’s pace. That is the second-largest first-half total on record, trailing only the ~830 tonnes seen in 2025.

The buying was fueled by investors purchasing the dip and commercial banks replenishing inventories to meet robust retail demand. Separately, Chinese gold-backed exchange-traded funds have seen 28 tonnes of net inflows year-to-date.

China’s appetite for physical gold remains exceptionally strong.

Source: The Kobeissi Letter