China’s Gold Buying Spree Accelerates as Central Banks Keep Stockpiling Bullion
Key Summary
China has accelerated its gold buying spree, adding 23 tonnes to its reserves in September, its largest monthly purchase in three years, while other central banks, including Poland, Uzbekistan, and Kazakhstan, have also been accumulating the precious metal. China's total reserves have skyrocketed to 2,410 tonnes, making it the fifth-largest gold holder, and it is on track to surpass Italy and France as early as this year.
China's Gold Rush Intensifies as Central Banks Hoard Bullion
Global Gold Demand on the Rise
The latest data from the World Gold Council shows that global central banks reported 39 tonnes of net purchases in August alone, following 23 tonnes in July. China led August with 20 tonnes, but several other countries followed suit. The National Bank of Poland added 8 tonnes, taking its 2026 purchases to almost 100 tonnes and its total reserves to roughly 648 tonnes. Uzbekistan also purchased 8 tonnes in August, while Kazakhstan added 7 tonnes.
China's Gold Buying Spree
China's central bank officially bought +23 tonnes of gold in September, its largest monthly purchase since September 2023. This follows +20 tonnes purchased in both August and July, and marks its 23rd consecutive monthly gold purchase. So far in 2026, China has officially acquired +103 tonnes of gold, raising total holdings to a record 2,410 tonnes. China is now the world's 5th-largest gold holder, following the US, Germany, Italy, and France. At this pace, it could surpass Italy and France as early as this year, which hold 2,452 tonnes and 2,437 tonnes, respectively.
Global Gold Outlook
A WGC survey found that 84% of central banks expected gold to represent a larger share of global reserves five years from now. The bullion's price soared to $4,700/oz during the mid-August breakout rally, but it was rejected and dipped to $4,060 earlier in October. It recovered some ground to $4,194/oz as of Friday's close.