China imported 173 tonnes of gold in June 2024, the highest monthly figure since March 2024, according to Chinese customs data. The figure marks a sharp increase from recent months, though it remains below the record highs seen in 2023.
June imports break recent trend
The last time China brought in more gold in a single month was March 2024. The June total represents a significant jump from the previous month, though exact comparisons are not available. China is the world's largest gold consumer, and its import levels are closely watched as a gauge of demand.
Prediction market sees low odds for $4,500 gold
On Kalshi, a prediction market platform, traders are betting on gold's future price. The contract for gold reaching $4,500 per ounce by July 2026 currently carries a 0.9% probability. That means the market sees a very slim chance of such a price surge in the next two years. Gold currently trades well below that level.
The two data points offer contrasting signals. The import surge suggests strong near-term demand from Chinese buyers. The prediction market, however, implies that traders don't expect a dramatic price rally anytime soon.
