China imported 1,000 tonnes of gold between January and August 2026—12% more than the 886 tonnes in 2025, according to customs data cited by CNBC. The move lifts the total value to $158.8 billion, a 64% jump YoY.
PBoC purchased 23 tonnes in September, its largest monthly take in nearly three years, the 23rd straight month of buying. This follows an 18‑year low in U.S. Treasury holdings, down to $618 billion in July, according to the same source.
Chinese households are also buying gold, with retail imports rising as real estate and equities lose appeal. The CSI 300 index has slid 8% this year, and one‑year government bond yields sit at 1.2% versus 4.46% in the U.S., dampening risk‑seeking.
Analysts say Chinese buying is now a structural pillar for gold prices. Aakash Doshi of State Street expects the metal to trade between $4,750 and $5,500 per ounce by the end of Q1 2027, while Ewa Manthey of ING Bank notes that the current support may keep prices above $4,200 in the near term.
Gold futures on the CME (GC=F) climbed 4% on Monday as traders priced in a potential rally. Indian MCX futures for December 4 delivery were down 0.46% at ₹1,50,800 per 10 grams. The upcoming U.S. CPI data could shift Fed expectations and add volatility to gold.