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China's gold imports hit record high with $158.8 billion spent in first 8 months
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China has spent a record $158.8 billion importing over 1,000 tonnes of gold in the first eight months of 2026, surpassing the 886 tonnes purchased for $96.5 billion in all of 2025, according to a Financial Times report cited by Chinese financial media. The surge in gold buying, driven by both the central bank and domestic investors, comes amid heightened geopolitical tensions and a diversification away from US assets. China's holdings of US Treasury bonds fell to $618 billion in July, the lowest in 18 years. The gold price soared from around $2,625 per ounce in early 2025 to a peak of $5,595 in January 2026, before a recent slowdown in Chinese purchases, but imports have now rebounded sharply. Analysts cited in the report, including Liu Sha of Zijin Mining's金山资产管理 and Christopher Hamilton of Invesco, attribute the trend to a structural reallocation of household and official assets for long-term wealth preservation. They warn that as long as economic growth concerns and geopolitical uncertainty persist, China's gold buying will remain a core driver of global gold prices. The report also notes that gold is becoming an increasingly important portfolio diversifier as government bonds lose their negative correlation with equities.
Source report
Date: September 24, 2026 Source: Zhongcai Net / Reference News
China has spent a record amount on gold imports this year, surpassing 1,000 metric tons, according to reports. In the first eight months of the year, the world’s second-largest economy spent $158.8 billion on gold. By comparison, in 2025, China spent $96.5 billion to purchase 886 tons of gold.
Analysts say the scale and persistence of China’s gold purchases have become a core driver of global gold prices. This trend is expected to continue as long as economic growth and geopolitical uncertainties persist.
Key Developments
- Record spending: China spent $158.8 billion on gold imports in the first eight months of 2026, compared to $96.5 billion for 886 tons in 2025.
- Price surge: Gold prices surged from approximately $2,625 per troy ounce in early 2025 to a peak of $5,595 in January 2026. China slowed its gold purchases during this rally but has since resumed significant imports.
- Global context: Rising overseas geopolitical tensions have driven both China’s central bank and domestic investors to shift funds into gold.
Investor and Central Bank Trends
According to the Financial Times, there are signs that Chinese investors are increasing gold purchases as part of broader asset diversification efforts. In July 2026, China’s holdings of U.S. Treasury bonds fell to $618 billion, the lowest level in 18 years.
Liu Sha, Managing Director of Zijin Mining’s Jinshan Asset Management, said:
“Both central banks and retail investors are diversifying their reserves and savings as part of a broader, long-term wealth preservation strategy. This is not short-term trading, but a structural reallocation of household and official assets that has been ongoing for years. The scale and persistence of China’s gold buying is now a core driver of global gold prices, and we expect this to continue as long as economic growth and geopolitical uncertainty remain.”
Gold as a Diversification Tool
The report also notes that gold is becoming an increasingly important asset for global investors, especially as government bonds no longer move inversely to equities.
Christopher Hamilton, Head of Asia-Pacific Client Solutions at Invesco, said:
“Gold’s price movement has decoupled from past patterns where rising real yields typically suppressed gold prices. Investors are now in an environment where they want to hold physical assets.”
Hamilton added that institutional buying remains the most important driver of gold prices.
Global Gold Repatriation Trend
As China increases its gold holdings, countries are increasingly demanding that their gold reserves be moved closer to their actual owners. Recently, the Dutch government relocated part of its gold reserves from New York to London.
China’s Domestic Gold Production
According to the World Gold Council, China is also the world’s largest gold producer, with output reaching 384 tons last year.
Source: Reference News
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