China’s Gold Buying Spree Accelerates with 23-Tonne September Haul

China’s central bank added 23 tonnes of gold to its reserves in September, marking its largest monthly purchase since September 2023 and its 23rd consecutive month of buying. The People’s Bank of China has now acquired more than 103 tonnes of gold in 2026, lifting its total reported holdings to a record 2,410 tonnes, according to data highlighted by The Kobeissi Letter.

The buying spree comes amid a broader surge in central bank gold demand. The World Gold Council reported 39 tonnes of net global purchases in August alone, with Poland adding 8 tonnes, Uzbekistan 8 tonnes, and Kazakhstan 7 tonnes. A WGC survey found that 84% of central banks expect gold to represent a larger share of global reserves within five years. Gold prices, meanwhile, have been volatile, surging to $4,700/oz in mid-August before dipping to $4,060 in early October and recovering to $4,194/oz as of Friday’s close.

China’s aggressive accumulation positions it to potentially overtake Italy and France as the world’s third-largest gold holder as early as this year, as those nations hold 2,452 and 2,437 tonnes respectively. The sustained buying by China and other central banks underscores a growing desire to diversify away from dollar-denominated assets, a trend that could have significant implications for global currency markets and gold prices in the months ahead.