Chinese gold imports hit highest level in nearly a decade
China imported more than 1,100 tonnes of gold in the first eight months of 2026, the highest level since at least 2017. Strong investment demand and a robust yuan drove the surge.
Gold Market
China imported more than 1,100 tonnes of gold in the first eight months of 2026, the highest level since at least 2017. Strong investment demand and a robust yuan drove the surge.
China’s central bank bought 650,000 troy ounces of gold in August, its largest monthly addition since late 2023, extending a buying run into its 22nd consecutive month.
Gold demand is showing a clear divergence: jewellery buying weakens due to high prices and changing sentiment, while ETF investment demand stays strong. Analyst Kunal Shah explains the trend.
The gold price is heavily influenced by demand from India and China, the world's two largest consumers, whose cultural and economic factors create recurring patterns.
Gold futures on the MCX climbed ₹1,432 to ₹1.60 lakh per 10 grams, driven by fresh speculative positions and firm physical demand. The October contract traded at ₹1,60,857.
Chinese retail gold investment totalled 107 tonnes in Q2 2026, down from Q1's record but still the third-highest Q2 since 2010. When adjusted for a 29% rise in the local gold price, it set a new Q2 record.