China Gold Imports 2026 - Spherical Insights

AI desk brief

China’s gold buying remains a major bullish support: customs data show imports topped 1,100 tonnes in Jan-Aug 2026, ahead of full-year 2025, while the PBoC has now added gold for 23 straight months, including 23 tonnes in September after 20.2 tonnes in August. Domestic premiums, a stronger yuan, and higher import quotas are cited as key drivers, and Chinese ETFs also added about 44 tonnes through August, even as global ETF flows were flat.

The article argues that sustained Chinese demand could keep shaping global price discovery because the flow is large relative to mine supply and comes alongside steady official-sector buying. It cites WGC commentary that an extra 20-30 tonnes of reserve purchases above trend can lift prices by about 1%, while Goldman Sachs’ end-2026 fair value view is around US$4,900/oz assuming continued heavy central-bank demand, though higher Fed rates would be a headwind.