Ironically or not, this is after the western media has been pulling its hair out, saying that China has made retail purchases of gold illegal due to its deleveraging of trading on the SGE.

The June increase pushed China's gold imports for the first half of 2026 to roughly 820 tonnes. That was nearly double the total from a year earlier and the second-highest first-half figure on record, just below the record of about 830 tonnes set in 2025.

The rise was driven by investors buying after international gold prices fell and by banks rebuilding inventories to meet strong retail demand. A stronger yuan also made imported gold cheaper for Chinese buyers.

Banks increased shipments to support sales of physical bullion and gold savings plans. China's gold-backed exchange-traded funds have also attracted about 28 tonnes of inflows so far this year, showing that investment demand remains strong.

The data shows Chinese buyers used the recent price decline as an opportunity to add gold rather than step away from the market.