China’s gold imports jumped to 163 tonnes in May – a 26-month high – bringing year-to-date volumes to 692 tonnes, up 76% from 2025. On Comex, gold fell 1.24% to $4,129.90 as Deutsche Bank cut 2026 price targets to $4,300/oz for Q3 and $4,800/oz for Q4.
May saw China import 163 tonnes of gold, the strongest monthly volume since March 2024. Year-to-date imports total 692 tonnes, marking a 76% increase over the same period last year and underscoring rising demand while global prices remain below early-2026 levels.
Comex gold settled at $4,129.90, down 1.24% for the session and marking a third consecutive decline. Silver dropped nearly 5.4%, reflecting investor caution amid concerns of further rate hikes.
Deutsche Bank trimmed its second-half 2026 gold forecasts by roughly 20%, setting targets at $4,300/oz for Q3 and $4,800/oz for Q4. The adjustment reflects a repricing of Fed policy expectations and resilient US economic data.
A flash US composite PMI reading rose to 52.2 in June from 51.5 in May, topping forecasts and lifting spot gold off session lows. However, the rebound was limited as rate-hike fears continued to weigh on precious metals.
Kitco
