China's gold imports reach new two-year high
China experienced a significant surge in gold imports during May, totaling around 163 tons—its highest level in over two years. The total imports for the first five months of 2026 increased by nearly 76% compared to the same period last year. The strong Chinese demand was driven by accumulating plans for gold and the impact of regulatory changes on the import of the precious metal, despite a roughly 25% decline in gold prices since the beginning of the year. Additionally, the People's Bank of China increased its gold reserves for the nineteenth consecutive month in May.
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