China’s gold imports are on track for a record year as strong investment demand and a firmer yuan encourage purchases of the precious metal.
Imports reached 1,141 tonnes through August, the highest level recorded for the first eight months of a year in customs data going back to 2017.
The total has already surpassed the 886 tonnes imported during all of 2025 and is approaching the full-year figure recorded in 2024.
China’s previous annual record was set in 2023, when the country imported 1,447 tonnes of gold.
Lower prices drive buying
Analysts attribute this year’s surge partly to weaker gold prices and the strength of the yuan, which makes US dollar-denominated bullion cheaper for Chinese buyers.
Gold has been broadly flat year to date despite reaching record highs in January, a sharp contrast to its roughly 60% gain in 2025.
An escalation of the Middle East conflict has since created headwinds for bullion, providing Chinese investors with opportunities to buy at lower prices.
Strong investment demand has also kept domestic gold prices at a slight premium to international benchmarks, providing an incentive for further imports, according to Jinrui Futures analyst Zijie Wu.
“The yuan has remained strong since the beginning of this year, creating favourable conditions for gold imports and enabling regulators to grant more generous approval quotas,” Wu told Bloomberg.
Investment demand remains strong
Chinese investors have also continued to add gold through exchange-traded funds (ETFs).
World Gold Council data shows that Chinese ETFs added 11 tonnes in August, pushing their collective holdings to 293 through the year.
Meanwhile, global gold ETF holdings were largely unchanged over the same period.
Continued bullion accumulation by the People’s Bank of China has also helped lift sentiment among retail investors, according to Wu.
The central bank made its largest monthly gold purchase since 2023 in August, extending a buying streak that has now lasted nearly two years.
Write to Jackson Chen at Mining.com.au
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