Key takeaways
- China gold reserves rose to 78.3 million ounces at the end of October 2026, a 24th consecutive monthly increase, according to data released on November 7.
- The 830,000-ounce (about 25.8 tonne) October addition was the largest monthly purchase since the People's Bank of China resumed buying in November 2024, according to reports based on the official data.
- The World Gold Council said central banks bought 321 tonnes in the third quarter, with China and Poland accounting for about 86 percent of officially reported purchases.
- The accumulation continued even as gold fell nearly 7 percent in October, which analysts read as evidence of a structural reserve-diversification goal rather than price timing.
China gold reserves rose for a 24th consecutive month in October, according to official data released on November 7, 2026. The People’s Bank of China (PBOC), the country’s central bank, held 78.3 million ounces at the end of the month, an increase of 830,000 ounces, or about 25.8 tonnes, from September. The purchases continued while international gold prices fell sharply, which is the detail that matters most for reserve managers and currency markets.
What did China report on gold and foreign exchange reserves?
The data were published jointly by the PBOC and the State Administration of Foreign Exchange (SAFE), according to BigGo Finance. Gold holdings of 78.3 million ounces equal roughly 2,435 tonnes, and the October increase was the largest single-month addition since the PBOC resumed purchases in November 2024, the same report said. Gold made up about 7.9 percent of China’s official reserve assets at the end of October.
Foreign exchange reserves stood at $3.405 trillion, up $4.927 billion, or 0.14 percent, from September, according to Seoul Economic Daily. SAFE attributed the change to currency translation and asset price movements. It noted that the US Dollar Index rose in October and that global financial asset prices were mixed.
The monthly pace has quickened through the year. According to a report by See.news based on the official series, monthly additions climbed from 40,000 ounces in January to 830,000 ounces in October. The same report put cumulative 2026 purchases at about 129 tonnes in ten months, against 27 tonnes for all of 2025. The dollar value of the gold holdings fell to $306.4 billion from $323.5 billion a month earlier, because prices dropped.
Why is the PBOC buying gold while prices fall?
Gold fell nearly 7 percent over the course of October, according to BigGo Finance, yet the PBOC added to its holdings. The report said market participants interpret the buying as a structural effort to diversify foreign exchange reserves rather than a response to short-term price moves. Another outlet, Seoul Economic Daily, cited Bloomberg as saying that steady central bank demand has been a key support in an otherwise weak gold market.
The World Gold Council (WGC), the industry body that tracks official-sector demand, reached a similar reading in its Gold Demand Trends report for the third quarter. It said China, Poland and the Czech Republic continued multi-year accumulation despite historically elevated prices, which it linked to strategic reserve diversification. The WGC also noted that official buying picked up as prices moderated from first-quarter highs.
No official PBOC statement explaining its motives was cited in the data coverage. Interpretations of the buying as de-dollarisation or as a hedge against sanctions risk are analyst inferences, not confirmed policy.
How large is central bank gold buying worldwide?
The WGC said on November 3, 2026, that central banks bought 321 tonnes in the third quarter, according to Kitco News. That was up 42 percent from a year earlier and well above the five-year quarterly average of 227 tonnes. Purchases for January through September totalled 675 tonnes, 6 percent more than in the same period of 2025.
Only a minority of that buying was disclosed. The WGC put reported purchases at 120 tonnes, with the remainder estimated, according to Money Metals. The PBOC added 63 tonnes in the quarter and the National Bank of Poland added 40 tonnes, together about 86 percent of reported net buying, according to the WGC. Open magazine reported that Kazakhstan and Uzbekistan each added 14 tonnes, while Russia reported a 19-tonne reduction.
Poland has bought 123 tonnes so far this year, according to Money Metals, and its central bank has announced plans to lift holdings to a maximum of 700 tonnes.
What do China gold reserves mean for the dollar and bullion?
Official buying is one of the few demand sources that has held up. The WGC reported that global jewellery demand fell 17 percent to 313 tonnes in the third quarter, the weakest third quarter in its series, while gold-backed ETFs added 211 tonnes. The LBMA PM gold price averaged $4,262 per ounce in the quarter, according to the Tribune India report on the WGC data.
Gold faces headwinds from higher interest rates and bond yields, Kitco reported, and a stronger dollar could continue to weigh on investment demand. The Bank of England raised Bank Rate to 4 percent on November 5, 2026, according to the Bank of England, and a recent jobs report lifted the dollar. Reserve diversification into gold competes with that backdrop, and the data show China’s share of reserves at 7.9 percent, still small relative to its $3.4 trillion in foreign exchange.
The scale of China’s reserves means the PBOC’s gold purchases do not signal an exit from dollar assets. SAFE data show total reserves broadly stable over the month, and the report cited by BigGo said PBOC market transactions had little effect on reserve changes.
What to watch
- November reserve data: The next PBOC and SAFE release, expected in early December, will show whether the streak reaches 25 months and whether purchases stay near October’s pace.
- The $4,000 level: A weekly close below $4,000 per ounce would mark a new phase in the 2026 downtrend, according to the Topstep weekly outlook, and would test the thesis that central bank buying is a price floor.
- US inflation data: US consumer prices are due on Tuesday, November 10, according to the Rio Times calendar, and will shape dollar and rate expectations that affect bullion.
- Poland and other buyers: Monthly disclosures from the National Bank of Poland, Kazakhstan and Uzbekistan will show whether buying broadens beyond China.
- Fourth-quarter WGC data: The council’s next report will indicate how much official buying went unreported.
Frequently asked questions
How much gold does China's central bank hold?
The People's Bank of China held 78.3 million troy ounces of gold at the end of October 2026, roughly 2,435 tonnes, according to official data released on November 7. That is about 7.9 percent of China's official reserve assets, with foreign exchange reserves at $3.405 trillion.
How long has China been buying gold?
The PBOC has increased its gold reserves every month since November 2024, a run of 24 consecutive months through October 2026. Reports based on the official data say October's 830,000-ounce addition, about 25.8 tonnes, was the largest monthly purchase since the buying resumed.
Why do central banks buy gold?
Central banks hold gold to diversify reserves away from any single currency. The World Gold Council said China, Poland and the Czech Republic continued multi-year accumulation despite historically high prices, reflecting strategic reserve goals. Official explanations vary by country, and many purchases go unreported.
Sources
- China's Central Bank Extends Gold Buying Streak to 24 Months
- China's central bank adds 830,000 ounces of gold in October, biggest monthly increase since resuming purchases
- Gold Prices Plunge, Yet China's People's Bank Buys for 24th Straight Month
- China raises gold reserves for 24th straight month
- World Gold Council, Gold Demand Trends Q3 2026: Central Banks
- Gold demand remains near record highs as central bank buying surges 42% (Kitco)
- Central Banks buy 321 tonnes of Gold in Q3 (The Tribune)
- September Central Bank Gold Buying Hit Highest Monthly Total of the Year (Money Metals)
- Central Banks Purchase 321 Tonnes of Gold in Q3 2026 (Open)
- Bank of England, Monetary Policy Summary, November 2026
Top image: Max12Max / Wikimedia Commons (CC BY-SA 4.0)
This article was produced by the Intelligence Report Desk. Sources are linked below.
