China imported 173 tonnes of gold in June. That is the largest monthly import figure since March 2024 and was the third consecutive monthly increase for the world’s largest consumer of the me
China imported 173 tonnes of gold in June. That is the largest monthly import figure since March 2024 and was the third consecutive monthly increase for the world’s largest consumer of the metal.
The total for the first half of 2026 now stands at roughly 820 tonnes, which doubles the total from the same period last year.
This is the second-highest first-half total on record and sits just 10 tonnes below the record of 830 tonnes set in 2025. The data points to a clear reality: Chinese demand for gold shows no signs of slowing down.
The June import number of 173 tonnes stands out, but the overall trend is more important. According to the data table, monthly gold imports in China from 2021 to 2026 show a steady upward trajectory.
In January 2021, imports sat at 30 tonnes. By June 2026, that number had jumped to 30 tonnes again but after a series of higher monthly readings earlier in the year. The table shows 100 tonnes in April 2024, 25 tonnes in May 2025, and a peak of 100 tonnes in March 2026.
While the monthly numbers vary, the half-year total of 820 tonnes confirms that demand has strengthened considerably.
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… pic.twitter.com/I9InKMEsXh
— The Kobeissi Letter (@KobeissiLetter) July 25, 2026
What is driving this buying spree? Two main factors stand out. First, retail investors have been buying the dip. The gold price fell from above $4,500 in early June to around $4,000, and Chinese investors stepped in to purchase physical metal at lower levels.
Second, Chinese banks have increased gold imports to rebuild inventories. Strong retail demand has drained stockpiles, forcing financial institutions to replenish their holdings.
Gold-backed ETFs in China have also attracted 28 tonnes of inflows year-to-date, showing that institutional and retail interest in the asset remains strong.
On the 4-hour XAU/USD chart, the gold price is trading near $4,053, which sits in the middle of its recent range. The market structure remains bearish, with a clear sequence of lower highs and lower lows dating back to early June. The drop from above $4,500 has slowed over the past few weeks, and price action has entered a consolidation phase.
The last two weeks show a sideways market with well-defined boundaries. Support sits at $4,000-$4,020, while resistance is found at $4,100-$4,150.
Source: TradingView Momentum indicators show mixed signals. The Ultimate Oscillator is at 50.81, sitting near the neutral 50 level. This suggests neither buyers nor sellers hold a clear momentum advantage. However, the Stochastic RSI has just crossed higher from oversold territory, which is an early bullish signal.
Key levels to watch:
Chinese demand is the single most important factor supporting the gold price at current levels. The 820 tonnes imported in the first half of 2026 show massive physical offtake, and this buying creates a solid floor under the market.
In the bull case, buyers defend the $4,000 support level. The Stochastic RSI crossover gains traction, and gold rebounds toward $4,100.
A break above $4,150 would strengthen bullish momentum, and sustained buying above $4,180 could shift the medium-term trend back to bullish. The Chinese import data supports this scenario, as strong physical demand tends to limit downside moves.
In the bear case, price fails to hold above $4,000. Sellers retest $3,950, and continued selling extends losses toward $3,900. Chinese buying could slow if price falls further, as banks and investors may wait for a bottom before stepping in.
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The gold price prediction for the near term points to a range-bound market. As long as price remains trapped between $4,000 and $4,150, the market is likely to stay in consolidation mode. The next meaningful directional move will probably come from a breakout outside this range.
Short-term momentum is improving after the Stochastic RSI bullish crossover, and Chinese import data confirms that physical demand remains strong.
This combination suggests a slightly bullish tilt in the short term. A move toward $4,100 is possible in the coming days, but a breakout above $4,150 would be needed to confirm a shift in trend.
The overall bias is neutral to slightly bearish for the medium term, but the short-term outlook leans toward a rebound.
Support at $4,000-$4,020 is likely to hold in the near term, and buyers will look to defend this level as Chinese import data provides fundamental support. If gold can reclaim $4,150 and eventually $4,180, the bearish structure would begin to break down.
No one can predict gold prices with certainty. Gold will be influenced by interest rates, inflation, central bank buying, geopolitical events, and the strength of the U.S. dollar.
Will gold prices go down in 2026Gold prices could decline in 2026 if inflation eases, interest rates remain high, or investor demand weakens. At the same time, economic uncertainty or strong central bank buying could continue to support prices.
Will gold rate decrease in coming days in 2027Short-term gold price movements in 2027 cannot be predicted with certainty. They will depend on economic data, interest rates, geopolitical developments, and investor sentiment at that time.
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The post Gold Price Prediction as China’s Gold Imports Hit a 2-Year High appeared first on CaptainAltcoin.
