China gold imports hit 26-month high in May, up 76% YTD
China’s gold imports reached their highest monthly level in over two years in May, with the world’s number-one gold market showing a strong appetite for bullion as prices remained 25% below their early 2026 highs.
China imported approximately 163 tonnes of gold last month, the largest monthly total since March of 2024, according to the latest customs data released over the weekend. Bullion import volumes year-to-date totaled around 692 tonnes through May, a 76% increase from the same period in 2025.
Song Jiangzhen, a researcher at the Guangzhou Southern Gold Market Academy, told Bloomberg that Chinese demand for gold bars, along with gold linked to incremental bullion accumulation plans for consumers, were among the main drivers of the recent surge in imports.
May’s outsized import numbers outdid April’s standout performance, driven by the domestic price premium during the month.
“Net gold imports into China totaled 157t in April, according to the most recent data from China Customs, rising 10% m/m and 40% higher y/y and making this the strongest month since March 2024,” noted Ray Jia, research head for China at the World Gold Council (WGC) in a recent report. “The positive local gold price spread remained a key factor in encouraging imports.”
Looking ahead, Jia said that seasonality “suggests stability in the gold jewellery sector as the industry replenishes following weak buying in previous months.”
“The lower gold price may help boost these re-stocking activities, although jewellers may sit on the sidelines if the price weakness accelerates,” he added. “On the investment side, a cooling gold price momentum could further limit bullion buying.”
