China imported more than 1,000 tonnes of gold worth $158.8 billion in the first eight months of 2026, already exceeding all of 2025's total. Most of that gold went to private investors and jewellers, not the central bank.
At a glance
- China imported over 1,000 tonnes of gold worth $158.8 billion between January and August 2026, already beating all of 2025's 866 tonnes.
- Private investors bought heavily: gold bar and coin purchases reached 314 tonnes in the first half of 2026, the strongest first half on record.
- The People's Bank of China added only about 80 tonnes to official reserves over the same eight months, a small share of the total imported.
Background
China's customs data tracks gold entering the country through every channel: the central bank, commercial banks, jewellers and bullion dealers. Households have increasingly turned to gold as a store of value as China's property market stays weak and returns on bank deposits and stocks remain subdued, a trend running alongside the central bank's own separate, slower pace of reserve accumulation.
What happened
China imported more than 1,000 tonnes of gold worth $158.8 billion in the first eight months of 2026, data from China's General Administration of Customs shows. That already exceeds the 866 tonnes, worth $96.5 billion, China imported in the whole of 2025, putting the country on course for a record year.
The pace picked up through the year. First-half imports of 864.95 tonnes were up 89% from 457.39 tonnes in the same period of 2025, and June alone brought in 173.34 tonnes, the highest monthly total since March 2024.
Why it happened
Most of the gold is going to private buyers, not the state. Gold bar and coin purchases reached 314 tonnes in the first half of 2026, the strongest first half on record. Gold-backed ETF holdings climbed to 293 tonnes by August, with assets under management worth roughly $42 billion.
Chinese investors have turned to gold as a store of value amid weakness in the property market and subdued returns from conventional investments such as bank deposits and stocks. Continued uncertainty over the domestic and global economic outlook has reinforced the shift.
What it means
The People's Bank of China added roughly 80 tonnes to official reserves over the same eight months. That included a 20.2-tonne addition in August, its largest monthly purchase since 2023 and its 22nd straight month of buying. It is a small share of total imports, showing the record pace is driven mainly by households and investors rather than the central bank.
Jewellery demand has softened even as investment demand surges. Withdrawals from the Shanghai Gold Exchange, a proxy for physical consumption, fell 22% month-on-month and 27% year-on-year in August to 62 tonnes. Elevated prices are weighing on jewellery buying even as investment gold flows in at a record pace.
Our read
Outlook: bullish. Record private investment demand in the world's largest gold-consuming market, layered on top of continued central-bank buying, reinforces the structural demand story supporting gold, even though near-term prices also move on Fed rate expectations and the dollar.
What to watch
- China's September and October customs data, to see whether the import pace holds through the rest of 2026.
- PBoC monthly reserve disclosures, to see whether official buying accelerates to match the pace of private investment.
- Shanghai Gold Exchange withdrawal data, as a gauge of whether softening jewellery demand continues alongside record investment inflows.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-10-03.
Detailed analysis
Timeline
- 2025-12-31: China's full-year 2025 gold imports total 866 tonnes, worth $96.5 billion.
- 2026-06-30: First-half 2026 gold imports reach 864.95 tonnes, up 89% year-on-year, with June alone bringing in 173.34 tonnes.
- 2026-08-31: Cumulative January-August 2026 imports top 1,000 tonnes worth $158.8 billion, already exceeding all of 2025.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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China