China's gold imports surged to approximately 163 tonnes in May 2026, marking the highest monthly level since March 2024, according to the latest Chinese customs data. As a result, total gold imports during the first five months of the year reached around 692 tonnes, representing a 76% year-on-year increase, highlighting the renewed momentum in the world's largest gold market.
The latest figures reflect a significant shift in China's gold market after several years of fluctuating import volumes driven by changing domestic demand, import policies, and global price movements.
How Have China's Gold Imports Evolved Over the Past Five Years?
China's gold imports have followed a volatile but generally elevated trend between 2021 and 2026, as the country continued to rely on imported bullion to bridge the gap between domestic mine production and overall consumption.
2021: Recovery Following the Pandemic
As China's economy gradually reopened after the COVID-19 pandemic, gold imports rebounded alongside improving demand for jewellery, investment bars, and gold coins, supported by the recovery in economic activity.
2022: Lockdowns Limited Growth
Although China remained the world's largest gold producer and consumer, imports were constrained by the country's zero-COVID restrictions. However, investment demand helped offset weaker jewellery consumption amid growing global economic uncertainty.
2023: Strong Rebound in Imports
Gold imports recovered sharply in 2023 after Chinese authorities expanded import quotas for commercial banks. At the same time, investors increasingly turned to gold as the domestic property market weakened and financial market volatility intensified.
2024: Highest Level in Several Years
China's net gold imports reached approximately 1,140 tonnes in 2024, the highest level in several years. The increase was driven by strong domestic price premiums, robust demand for gold bars and coins, and growing investor interest in safe-haven assets.
2025: Sharp Decline Despite a Resilient Market
Net gold imports fell to around 675 tonnes in 2025, representing a 41% decline from the previous year. The decrease reflected weaker jewellery demand, record-high gold prices, and periods when China's domestic gold market traded at discounts rather than premiums, reducing incentives for imports.
Despite the decline in net imports, China remained the world's largest bullion importer, with total physical bullion imports reaching about 901 tonnes during 2025 to satisfy domestic demand that continued to exceed local mine production.
2026: Imports Rebound Strongly
The recovery accelerated in 2026. Net imports reached 316 tonnes during the first quarter, followed by 157 tonnes in April and 163 tonnes in May, the highest monthly volume since March 2024. Total imports during the first five months climbed to 692 tonnes, up approximately 76% from the same period last year.
What's Driving the Increase?
Several key factors have supported the rise in imports:
Strong investment demand for gold bars and coins.
Expanded import quotas granted to Chinese commercial banks.
Continued official gold purchases by the People's Bank of China, which increased its reserves for the 19th consecutive month, adding 10 tonnes in May to reach approximately 2,332 tonnes.
Periods of higher domestic gold prices relative to international prices, encouraging additional imports.
Meanwhile, data from the World Gold Council indicate that jewellery demand remains relatively subdued, while investment demand has become the primary driver of the Chinese gold market. Withdrawals from the Shanghai Gold Exchange also declined to multi-year lows during May, underscoring the ongoing shift in consumption patterns.
The developments of the past five years suggest that China's gold market has undergone a structural transformation. While jewellery once dominated domestic demand, investment products—including bullion bars and coins—now play an increasingly important role in shaping import volumes.
The sharp increase in May 2026 imports also reinforces China's position as the single most influential source of physical gold demand worldwide. Changes in Chinese imports, together with continued purchases by the People's Bank of China, remain among the most closely watched indicators for forecasting global gold price trends in the months ahead.
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