China imported 163 tons of gold in May, the highest in over two years, bringing the five‑month total to roughly 692 tons, an increase of about 76% from the same period a year earlier. The surge followed a revised import‑licensing regime that took effect on June 1, easing restrictions for certain banks.

Demand centered on physical bullion bars and gold accumulation plans offered to domestic savers, even as the spot price fell roughly a quarter from its January record. Song Jiangzhen, a researcher at the Guangzhou Southern Gold Market Academy, said physical bullion and accumulation‑plan metal were among the main drivers of the surge.

Gold (GLD) is down about 22% from its January 29, 2026 peak, yet May imports marked a two‑year high. The data show sustained buying despite lower prices, indicating that accumulation has persisted through the price correction and remains a structural feature of China’s gold consumption in 2026.