China's Gold Imports Skyrocket as Middle Class Seeks Stability

China’s gold imports surged to a historic high in response to economic uncertainties, with a record import of 1,447 tonnes of gold for non-monetary use in the last year, valued at US$90 billion—a nearly ninefold increase in value from three years prior. This spike reflects the Chinese middle class’s efforts to protect their wealth amidst a faltering property market, a declining stock market, and a weak yuan. The total imported gold, used primarily for jewelry and other non-monetary purposes, surpassed the previous record set in 2018. Domestically, gold sales also soared, with a notable increase in gold jewelry consumption and a significant uptick in gold bar and coin purchases. These trends underscore a growing preference for gold as a safe-haven asset among Chinese investors, driven by a desire for financial security in turbulent economic times.