The People’s Bank of China increased its gold reserves by 740,000 ounces in September, marking the largest monthly acquisition since October 2023. This addition, equivalent to approximately 23 tonnes, brings the total holdings of the central bank to 77.47 million fine troy ounces, up from 76.73 million in August.
September represented the 23rd consecutive month of gold accumulation by the Chinese central bank and the seventh straight month of increasing purchase volumes. According to the World Gold Council, China’s total gold purchases for 2026 reached approximately 103 tonnes by the end of September, placing the country second globally behind Poland.
The surge in buying occurred despite a decline in gold prices, which fell by over 6% during September. The price closed the month at $4,157.14, compared to $4,449.24 at the end of August. Consequently, the valuation of China’s gold reserves decreased to $323.52 billion from $350.08 billion in the previous month.
China’s total foreign exchange reserves were reported at $3.4 trillion at the end of September, reflecting a decline of $38.1 billion from August. The downward trend in gold prices has continued into October, with the metal trading at $4,122.25 at the time of the report, representing a further decrease of 0.84% from the September closing figure.
