GFN – BEIJING: China imported 163 tons of gold in May, the most in more than two years, as physical bullion demand and a revised import-licensing regime pulled metal into the world’s largest consumer even with prices a quarter below their January peak.
The figure, drawn from Chinese customs data reported by Bloomberg, brought imports for the first five months of 2026 to roughly 692 tons, an increase of about 76% from the same period a year earlier. The May total was the highest monthly volume since March 2024 and coincided with a new import-licensing regime that took effect on June 1, under which certain banks face fewer restrictions on bringing metal into the country.
Demand has centered on physical bullion bars and on metal tied to gold accumulation plans offered to domestic savers, even as the spot price has fallen about a quarter from the record high reached in January.
“Chinese demand for physical bullion bars, as well as metal linked to gold accumulation plans, have been among the main drivers of the surge,” said Song Jiangzhen, a researcher at the Guangzhou Southern Gold Market Academy.
The volumes mark a continuation from the start of the year, when a wave of consumer buying helped lift bullion to successive records before domestic demand moderated without collapsing. Sustained imports at a time of lower prices indicate that accumulation has persisted through the correction even as the earlier price spike faded.
The data aligns with the official reserve additions and household purchases that have underpinned Chinese gold consumption through 2026, and it adds to indications that China’s appetite for the metal remains a structural feature of the global market beyond any single price episode.
