China’s gold imports reach 820 tonnes in first half of 2026

June imports reach a two-year high

China imported more than 173 tonnes of gold in June 2026, the largest monthly volume since March 2024, according to Chinese customs data cited by Zee News. The increase came as lower international prices created an opportunity for buyers to add physical metal amid trade tensions, renewed US tariff pressure and wider geopolitical uncertainty.

China purchased 820 tonnes of gold during the first six months of 2026, Zee News reported. The publication described that amount as double the comparable year-earlier level, although its source text referred to the comparison period as the same quarter rather than the same half-year. The figures nevertheless indicate a sharp increase in Chinese demand during the opening half of 2026.

Investment extends beyond physical bullion

Chinese investors also added 28 tonnes through domestic gold exchange-traded funds in 2026, according to the report. The combination of physical imports and ETF inflows shows that demand is coming from several parts of the market, including retail and institutional investors, rather than from a single purchasing channel.

China is the world’s largest gold consumer, making changes in its buying patterns relevant to refiners, bullion traders and mining companies globally. Continued purchasing at this scale could support international prices even during periods of weakness. For India, another major gold-consuming market, stronger Chinese demand could contribute to comparatively high domestic prices by supporting the global benchmark.

Central bank adds to reserve diversification

Zee News reported that China held 2,346 metric tonnes of gold in its official reserves and continued to increase those holdings. The publication presented the accumulation as part of Beijing’s effort to reduce exposure to the US dollar and US Treasury securities while raising gold’s share of its foreign-exchange reserves.

Gold provides a reserve asset that is not the liability of another government, but the reported figures do not establish that China plans to link the yuan or its trade directly to bullion. Claims that larger gold reserves will strengthen the yuan or displace the dollar therefore remain interpretations rather than confirmed policy. Even so, sustained official and private-sector buying would deepen China’s influence over physical bullion flows and reinforce gold’s role in reserve diversification.

Gold buying diverges from crude oil imports

The rise in bullion purchases coincided with a sharp fall in China’s crude oil imports. Zee News said June crude imports were near their lowest level in almost 10 years as conflict involving Iran disrupted energy markets. The contrast highlights different purchasing conditions in the two commodity markets, rather than showing that gold directly replaced oil.

For gold-market participants, the central issue is whether the June pace continues. Persistent imports, ETF inflows and central-bank accumulation would keep China a major source of marginal demand. A slowdown after the June surge, however, would leave prices more dependent on buying elsewhere and on the direction of international interest rates, currencies and geopolitical risk.