That surpassed the total of $96.5 billion for all of 2025 on 886 tons of gold, Chinese customs data shows.

The surge comes amid rising investment demand in the world's largest gold buyer, supported both by economic uncertainty and more limited investment alternatives.

Sales of gold coins and bars for investment in China rose 28% year-on-year to 339 tons in the first half of 2026, the South China Morning Post reported, citing data from the China Gold Association.

Zijie Wu, an analyst at Jinrui Futures, told Bloomberg that the demand has pushed gold prices in China slightly above international benchmarks, creating an incentive for imports.

The People's Bank of China stepped up purchases in recent months, which also improved confidence among retail investors, Wu added.

Particularly, the central bank added 20 tons of gold to its reserves in August, the largest monthly figure since October 2023, according to the World Gold Council.

Investment gold bars at a gold shop in Hangzhou, East China's Zhejiang Province, April 12, 2024. Photo by Reuters

Lisa Liu, managing director at Gold Mountains Asset Management, part of China's largest gold miner Zijin Mining Group, told the Financial Times: "Both the central bank and private investors are diversifying their reserves and savings towards an asset with no counterparty risk, as part of a broader long-term wealth preservation strategy."

The large imports in recent months may have also been boosted by a new licensing system introduced in June, which would have encouraged banks to use up their existing gold-import quotas allocated by the central bank, according to Bloomberg.

Imports was further supported by a decline in international gold prices, especially after the Middle East conflict began in late February, per Reuters.

While prices have seen some recovery since, gold was trading at about $4,330 an ounce on Tuesday, still more than 22% below the record high reached in January.

China is the world's largest gold producer, mining 384 tons of the precious metal last year, according to the World Gold Council.