China's gold imports surpassed 1,000 tonnes through August, already overtaking the full-year total from 2025, according to customs data extending back to 2017.
Zijie Wu, analyst at Jinrui Futures, attributed the surge to robust investment demand that kept domestic prices trading at a modest premium over world market rates, making imports attractive. A stronger yuan also played a role. "The yuan has remained firm since the start of the year," Wu said. "That creates favorable conditions for gold imports and allows regulators to grant more generous approval quotas."
Chinese exchange-traded funds added roughly 44 tonnes of gold holdings through August, representing an 18 percent increase from the start of the year, data from the Shanghai Gold Exchange showed. Global ETF positions remained largely flat over the same period.
China remains the world's largest gold buyer. Demand is underpinned by economic uncertainty and fewer alternative investment outlets compared with other countries, Wu said. Central bank purchases have also bolstered retail investor sentiment. The People's Bank of China bought as much gold in August as at any point since 2023, extending its buying streak to nearly two years.
The combination of weaker global gold prices and renewed official-sector buying has reinforced China's position as the dominant driver of physical gold demand internationally.
