Chinese Gold imports surged to 2-Year high in june

Chinese gold imports surged to 173 tonnes in June, the highest monthly level since March 2024, as lower prices and a persistent domestic premium encouraged buying. The article says H1 international gold prices fell 7%, and in renminbi terms were down 10%, which helped revive opportunistic restocking by banks, jewelry makers and investors. Shanghai Gold Exchange withdrawals rose 36% month-on-month to 87 tonnes in June, showing a rebound in wholesale demand, while Chinese gold ETFs added 29 tonnes in H1, the second-strongest start on record. However, jewelry demand remains weak, and total H1 withdrawals of 598 tonnes were still 12% lower year on year and well below the 10-year average. Overall, the piece is supportive for gold sentiment because Chinese physical and ETF demand appears resilient when prices dip, though the jewelry sector is still a drag.