China’s Gold Imports Surge to 11-Month High Despite Record Prices

China’s Gold Imports Surge to 11-Month High Despite Record Prices

BEIJING, May 20 — China significantly ramped up its gold imports in April, reaching the highest level in nearly a year, as soaring domestic demand outpaced concerns over record-high prices.

Official customs data released Tuesday showed gold imports surged to 127.5 metric tons last month — a dramatic 73% increase from March and the highest monthly total since May 2023. The spike came even as global gold prices repeatedly broke records, at one point touching $3,500 an ounce.

Analysts attribute the surge to a combination of strong investor demand and a policy shift by China’s central bank, which recently relaxed restrictions on gold inflows. The move was aimed at accommodating growing appetite for the precious metal amid economic uncertainty and currency concerns.

“Despite the high prices, Chinese buyers remain undeterred,” said one market analyst. “Gold continues to be seen as a safe haven and a hedge against inflation and financial volatility.”

The jump in imports underscores China’s pivotal role in global gold markets and highlights how persistent demand can override price headwinds — especially when supported by regulatory easing.