© David Gray/Bloomberg , BloombergFILE PHOTO: A worker handles ABC Bullion one kilogram gold bars at the ABC Refinery smelter in Sydney, New South Wales, Australia, on Thursday, July 2, 2020.
The surge in gold imports to a five-year high indicates that Chinese demand for the precious metal is picking up, after a lull due to Covid lockdowns in the country's major cities.
"The market's still not great, but it's definitely a lot better than it was in April," Nikos Kavalis, managing director at Metals Focus consultancy, explained to Bloomberg.
The report highlighted that Chinese prices for gold carry a premium of roughly $7 compared to international prices, encouraging investors in China to step up imports, which requires a state-issued license.
Global gold prices slipped below $1,700 an ounce in July from more than $2,000 earlier in the year, as rising interest rates triggered selling by Western investors.
Comment: It's notable that just a few days ago Russia announced that an alternative to the West's rigged precious metals market would be launched.
See also: UK court denies Venezuela access to its $2bn gold reserves because it only recognizes US puppet Guaido