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China's June gold imports climb to 173 tonnes, a two-year high as price drop lifts demand

AI Market Summary
China's June gold imports rose to ~173 tonnes, the highest since March 2024, extending a three-month uptrend. The pickup reflects price-sensitive demand after a drop in international gold prices and support from a stronger local currency. Banks also reportedly used available import quotas to rebuild inventories for retail demand. The data signals resilient physical buying from the world's largest bullion market, potentially tightening near-term supply dynamics.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.47%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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China's gold imports rose to a fresh two-year high in June as a sharp pullback in international prices boosted demand in the world's largest bullion market. Customs data showed overseas purchases increased for a third consecutive month to about 173 tonnes. The June total was the highest since March 2024 and above May's 163 tonnes. Lower prices and a stronger yuan drew more investor interest, while banks also moved to fully use import quotas and build bullion inventories to meet retail demand. Full report: Kitco.
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