China's gold imports reached their highest level in more than 2 years in May, showing that demand for precious metals in the world's largest gold market remains high in the context that gold prices are about 25% lower than the peak of early 2026.
According to the latest customs data released last weekend, China imported about 163 tons of gold in May. This is the highest monthly import level since March 2024. In the first 5 months of the year, this country imported about 692 tons of gold, an increase of 76% compared to the same period in 2025.
Mr. Song Jiangzhen - a researcher at the Guangzhou Southern Gold Market Institute - said that the demand for buying gold bars in China, along with increased gold accumulation activities from consumers, are the main factors driving the recent import increase.
The May result even surpassed the sharp increase in April, when import activities were supported by the difference in domestic gold prices higher than the international market.
Mr. Ray Jia - Head of China Research at the World Gold Council (WGC) - in a recent report, said that China's net gold imports in April reached 157 tons, an increase of 10% compared to the previous month and 40% higher than the same period last year. This is the month with the strongest import volume since March 2024.
According to Mr. Jia, the positive difference in domestic gold prices continues to be an important driving force to encourage gold import activities.
In the near future, seasonal factors may help stabilize the Chinese jewelry gold market as businesses increase inventory replenishment after a period of weakening demand.
Lower gold prices may support restocking activities, although jewelry retailers may remain cautious if the price decline continues to increase," Mr. Jia said.
Regarding investment demand, this expert believes that slowing down gold price increases may reduce physical gold buying activities.
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