BREAKING: China imported +163 tonnes of gold in May, the largest monthly import since March 2024. This marks the 3rd consecutive month with gold imports exceeding +150 tonnes. As a result, in the first 5 months of 2026, total gold imports rose +76% YoY, to +692 tonnes. This has been driven by strong retail demand for physical bullion bars and gold accumulation plans, low-cost products that allow investors to build up gold holdings gradually over time. Meanwhile, the People's Bank of China added +10 tonnes of gold to its official gold reserves in May, its 19th consecutive monthly purchase, bringing total holdings to a record 2,331 tonnes. China’s demand for gold remains strong.(The Kobeissi Letter)