China makes biggest monthly gold purchase in nearly three years

Tue Sep 08 2026

China added to its gold reserves in August with its largest monthly purchase in nearly three years, extending a buying streak that has now lasted 22 consecutive months.

According to official data released on Monday, the People’s Bank of China (PBOC) added 650,000 ounces of bullion to its reserves during the month — its biggest purchase since October 2023.

The latest addition cements China’s status as one of the world’s largest sovereign gold holders, ranking fifth globally.

Since May, the PBOC has recorded double-digit monthly increases in its gold holdings, as Beijing continues to diversify its foreign exchange reserves.

China’s official gold reserves now stand at 76.73 million ounces, accounting for approximately 10% of its total reserves.

Central banks continue buying

China’s purchases come amid a broader move by central banks to increase their exposure to gold as they diversify their reserve holdings.

According to the World Gold Council, central banks purchased around 130 tonnes of gold through July, compared with about 160 tonnes over the same period last year.

Poland has been the largest central bank gold buyer so far this year, as it works towards a target of holding 30% of its reserves in bullion.

China and Uzbekistan have followed other major buyers, reinforcing central banks’ continued appetite for gold despite elevated prices.

The sustained buying has provided an important source of structural demand for bullion amid ongoing geopolitical uncertainty, inflation risks, and shifting expectations for global monetary policy.

Source: https://mining.com.au/