BREAKING: China imported +173 tonnes of gold in June, the largest monthly import since March 2024. This also marks their 3rd consecutive monthly increase. As a result, China's total gold imports in the first half of 2026 doubled, to ~820 tonnes, the 2nd-largest first-half total on record. This is just ~10 tonnes below the first-half total record of ~830 tonnes set in 2025. The surge was driven by investors buying the dip and banks increasing gold imports to rebuild inventories amid strong retail demand. Meanwhile, gold-backed ETFs in China have attracted +28 tonnes of inflows year-to-date. China's appetite for gold is incredibly strong.