China’s monthly gold imports reached their highest in more than two years in May, showing the world’s biggest buyer’s appetite for bullion remained resilient as prices remained under pressure.
Imports were around 163 tons last month, the highest since March 2024, according to customs data released on Saturday. Volumes for the first five months of 2026 were about 692 tons, up by about 76% from a year earlier.
Chinese demand for physical bullion bars, as well as metal linked to gold accumulation plans, have been among the main drivers of the surge, said Song Jiangzhen, a researcher at the Guangzhou Southern Gold Market Academy. Accumulation plans refer to low-barrier products that allow investors to buy gold incrementally.
Gold prices have retreated by about a quarter from the record highs reached in January, weighed down by global inflation fears amid the war in the Middle East. Strong buying from Chinese consumers was a key catalyst for the January frenzy, and domestic demand has since moderated — but without a major slump.
China also started implementing a new import licensing regime for gold from June 1, with certain banks facing fewer restrictions. But the change may have prompted some banks to use up their existing quotas before the new system began, Song said.
(By Yihui Xie)
