China's gold imports surge 76% in early 2026 as PBoC adds to record reserves

Sun June 28 2026

China imported 163 tonnes of gold in May, the largest single-month haul since March 2024, as the People's Bank of China extended its buying streak to 19 consecutive months, financial markets account The Kobeissi Letter reported on X

May marked the third straight month in which Chinese gold imports exceeded 150 tonnes. Cumulative imports for the first five months of 2026 reached 692 tonnes, up 76% from the same period a year earlier, driven by retail demand for physical bullion bars and low-cost accumulation plans. The PBoC added 10 tonnes to official reserves in May alone, lifting total holdings to a record 2,331 tonnes. The sustained sovereign buying adds a structural bid to gold at a moment when Bitcoin, often framed as a competing store-of-value asset, has shed 18.11% over the past 30 days and trades near $60,063.84.

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