China Gold Imports Hit Record $158.8bn as India Scraps Tax Relief

Key Facts

1China spent a record $158.8bn importing over 1,000 tonnes of gold in the first eight months of 2026.

2India scrapped a key precious metals import tax relief policy to curb non-essential imports and ease forex pressure.

3Chinese holdings of US Treasuries fell to $618bn in July, the lowest level since August 2008.

China spent a record $158.8 billion importing more than 1,000 tonnes of gold in the first eight months of 2026. The Financial Times reported that the central bank and local investors are pouring cash into bullion amid rising geopolitical tensions and poor returns on local assets, while Chinese holdings of US Treasuries fell to $618 billion in July, the lowest level since 2008.

Meanwhile, India scrapped a key precious metals import tax relief policy to curb non-essential imports and ease pressure on its foreign exchange reserves. Regarding market performance, Zijin Mining Group (ZIJMF) closed at $4.12 on October 9, 2026, after reaching a session high of $4.15.