China's Gold Imports Top 1,000 Tons as ETF Investors Pile Back In
Published on 10/01/2026 at 03:20 | Editorial boerse-global.de
Chinese gold imports have already eclipsed last year's full total, surpassing 1,000 tons by the end of August, according to Bloomberg. A sturdy investment bid, a firm yuan and a domestic premium over the world market all combined to drive the record inflows — a reminder that Asia remains the metal's most dependable pillar of demand.
That appetite shows no sign of fading. The People's Bank of China added another 20.2 tons in August, the 22nd consecutive month of accumulation, lifting official reserves to 2,387 tons, the World Gold Council reported. Fresh customs data and the central bank's September reserve figures are due in early October.
Western Funds Reverse Course
While Asian buying has been steady, Western financial investors staged a late-summer comeback. Physically backed gold ETFs worldwide took in $18 billion during August, with holdings rising 121 tons to a global total of 4,189 tons, according to the World Gold Council. A more recent weekly survey from the industry body reinforced the trend, showing a further 27.1 tons flowing into such funds — 15.9 tons of that into North America, 6.5 tons into Europe and 4.6 tons into Asia.
The shift is all the more striking against the second quarter of 2026, when central banks bought 288.9 tons on a net basis while ETFs shed 44.8 tons, per the World Gold Council's demand trends report. Fund investors, it appears, are rebuilding positions they spent the spring liquidating.
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Central Banks Keep Buying
Official-sector purchases have not slowed either. Goldman Sachs estimated global central bank buying at 44 tons for July in a September 23 note, putting the seasonally adjusted three-month average at 91 tons per month. The bank attributed a hefty slice of that to China, pegging July net purchases there at 35 tons — its own calculation rather than official government data.
Rates Still Call the Tune
Monetary policy remains the near-term swing factor. Hawkish signals from the Federal Reserve weighed on commodities, and gold's spot price slipped 0.4% on Wednesday to $4,156.91 an ounce, roughly 26% below its 52-week high of $5,598.58. In a separate reading, the metal traded 0.6% lower at $4,148.77.
Selling pressure resurfaced Monday as rising energy costs and fears of further rate hikes pushed Treasury yields higher, increasing the opportunity cost of holding a non-yielding asset. Sentiment cooled on Tuesday after New York Fed President John Williams said there was no urgency for additional moves following September's rate step. Attention now turns to the US Bureau of Economic Analysis, which releases the August PCE price index at 12:30 GMT — the key near-term catalyst for rate expectations ahead of Friday's US jobs report.
A Long View Past $5,000
TD Securities struck an upbeat long-term tone on September 24, forecasting that gold could clear $5,000 an ounce by 2027. The bank pointed to sustained central bank purchases paired with a revival in ETF demand as the main engines behind that call. Until then, the tug-of-war between rate expectations and solid physical buying looks set to dictate the metal's path.
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