Gold prices consolidate as China imports record volume of bullion through August

Gold traded near $4,368.40 per ounce on September 22 after December futures opened flat at $4,382.50, supported by record Chinese buying. China spent $158.8 billion importing over 1,000 tonnes of gold in the first eight months of the year, already eclipsing total 2025 volumes. Chinese demand has been propelled by domestic safe-haven buying, a firmer yuan, and continued reserve accumulation by the People's Bank of China, which added 20.2 tonnes in August. This robust physical demand has helped cushion gold against headwinds from the Federal Reserve's first interest rate hike in three years.