China’s monthly gold imports soared to their highest level in over two years in May, reaching around 163 tons, the highest since March 2024, according to customs data. The surge in imports, totaling about 692 tons for the first five months of 2026, has left some puzzled about where all the gold is going given tepid official central bank purchases and the lowest gold withdrawals from the Shanghai Gold Exchange since the COVID outbreak. Chinese demand for physical bullion bars and metal linked to gold accumulation plans has been a key driver of the surge, according to Song Jiangzhen, a…
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