Gold Slid Over 6% in September and China Bought More of It Than in Any Month Since 2023
China’s central financial institution added 740,000 ounces of gold to its reserves in September, its largest month-to-month buy since October 2023. The shopping for got here as gold fell over 6%.
The People’s Bank of China (PBOC) lifted its holdings to 77.47 million effective troy ounces from 76.73 million in August. September additionally marked its twenty third straight month of gold shopping for.
How China’s Gold Buying Picked Up Pace Through 2026
The September addition works out to roughly 23 tonnes. It matched October 2023, when holdings additionally rose by 740,000 ounces, State Administration of Foreign Exchange (SAFE) records present.
Purchases have grown each month since March, when the PBOC added 160,000 ounces. September was the seventh straight month of bigger additions. In August, China added 650,000 ounces whereas gold climbed practically 10%, BeInCrypto reported.
The World Gold Council (WGC) positioned China’s 2026 purchases at 80 tonnes by August. That ranked second solely to Poland, which bought 98 tonnes. Adding September lifts China to roughly 103 tonnes for the yr.
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Gold’s Slide Shrank the Value of China’s Reserves
Gold closed September at $4,157.14, down from $4,449.24 on the finish of August, market knowledge reveals. That drop erased about 72% of August’s $404 acquire.
The September shut additionally left gold 21.2% under its February shut of $5,278.51, the very best month-to-month shut of 2026.
China’s reserve valuation moved decrease too. The worth of its gold reserves fell to $323.52 billion from $350.08 billion. The PBOC nonetheless held extra gold than a month earlier.
SAFE additionally reported China’s overseas alternate reserves at $3.4 trillion on the finish of September. That determine was down $38.1 billion from the tip of August.
The decline has carried into October. At press time, gold traded at $4,122.25, down 0.84% from its September shut. It has dipped as little as $4,103.52 this month.
The PBOC’s October knowledge will present whether or not purchases continue to grow whereas costs sit under their August degree.
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