China Hoards Gold... Adds 129 Tons to Reserves in 2026

China continued to boost its gold reserves for the 24th consecutive month, maintaining a trend that has persisted for two years to increase its holdings of the precious metal. The People’s Bank of China added approximately 830,000 ounces, equivalent to 25.8 tons, in October, raising its cumulative purchases from the beginning of the year through the end of the month to around 129 tons.

Official data showed that the Chinese central bank intensified its purchases of gold bullion in recent months, taking advantage of falling prices. Global markets saw the price of the yellow metal decline by about 7% in October, closing the month below the $4,000-per-ounce mark, according to Bloomberg News.

China’s uninterrupted gold purchases for the 24th month reflect Beijing’s commitment to strengthening its gold reserves. The People’s Bank of China, one of the largest buyers of the precious metal among central banks worldwide, continued to add to its reserves despite market volatility in recent periods.

The wave of gold reserve accumulation is not limited to China. Data from the World Gold Council revealed that net purchases by central banks worldwide rose to 321.2 tons in the third quarter of 2026, a year-on-year increase of 42%, marking the highest quarterly level since the fourth quarter of 2024.

Total net purchases by global central banks reached 675 tons in the first nine months of the year, a 6% increase compared to the same period last year, underscoring sustained institutional demand for gold despite fluctuations in international market prices.