Gold imports to China in May reached a two-year high of about 163 tons. In the first five months of 2026, deliveries increased by 76% year on year, reaching 692 tons. This indicates that demand by the world’s largest buyer remains strong, despite a 25% price correction from January’s peak.

The main growth drivers were interest in physical gold bullion and the popularity of accumulation plans - investment products with low entry thresholds. Although the excitement of the beginning of the year has tapered off slightly amid global inflation fears and geopolitical tensions, domestic consumer purchases in China remain stable and continue to support the market.

An additional incentive was the introduction, on 1 June, of a new import licensing regime that eased restrictions for some banks. Analysts note that the anticipation of new rules may have prompted financial institutions to choose their current quotas in advance, which also contributed significantly to record May performance.