China’s Gold Buying Spree Accelerates as Central Banks Keep Stockpiling Bullion
The Asian nation has added one other 23 tonnes of gold to its reserves in September, which grew to become its largest month-to-month buy in roughly three years.
Other central banks, together with these from Poland, Uzbekistan, and Kazakhstan, have been accumulating the dear metallic as properly in substantial parts over the yr.
China Keeps Buying Gold
The Kobeissi Letter highlighted over the weekend that the People’s Bank of China bought roughly 23 tonnes of gold in September, beating its previous 2026 record when it comes to month-to-month purchases. This marked its twenty third consecutive month of shopping for and adopted additions of roughly 20 tonnes in each July and August.
The world’s most populous nation has purchased greater than 100 tonnes of the bullion in 2026, and its reported reserves have skyrocketed to 2,410 tonnes.
China has develop into the fifth-largest gold holder, trailing the US, Germany, Italy, and France. However, the analysts on the Kobeissi Letter stated China is more likely to surpass Italy and France as early as this yr at this tempo, as each European nations maintain 2,452 tonnes and a pair of,437 tonnes, respectively.
BREAKING: China’s central financial institution formally purchased +23 tonnes of gold in September, its largest month-to-month buy since September 2023.
This follows +20 tonnes bought in each August and July, and marks its twenty third consecutive month-to-month gold buy.
So far in 2026, China has formally acquired +103 tonnes of gold, elevating whole holdings to a file 2,410 tonnes.
China is now the world’s Fifth-largest gold holder, following the US, Germany, Italy, and France.
At this tempo, it may surpass Italy and France as early as this yr, which maintain 2,452 tonnes and a pair of,437 tonnes, respectively.
China is aggressively shopping for the dip in gold.
— The Kobeissi Letter (@KobeissiLetter) October 9, 2026
The bullion’s value soared to $4,700/oz through the mid-August breakout rally, but it surely was rejected and dipped to $4,060 earlier in October. It recovered some floor to $4,194/oz as of Friday’s shut.
Not Just China
Data from the World Gold Council reveals that world central banks reported 39 tonnes of web purchases in August alone, following 23 tonnes in July. China led August with 20 tonnes, however a number of different international locations adopted go well with.
The National Bank of Poland added 8 tonnes, taking its 2026 purchases to virtually 100 tonnes and its whole reserves to roughly 648 tonnes. Uzbekistan additionally bought 8 tonnes in August, whereas Kazakhstan added 7 tonnes.
A WGC survey discovered that 84% of central banks anticipated gold to characterize a bigger share of world reserves 5 years from now.
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