China adds 25.8 tonnes of gold in October, reserves reach 2,435 tonnes

China’s central bank continued large-scale gold buying despite a sharp drop in the metal’s market price. On November 7 the People’s Bank of China reported that it added 830,000 troy ounces of gold in October — roughly 25.8 tonnes — bringing total official reserves to 78.3 million troy ounces (about 2,435 tonnes).

Purchases persist as prices fall

The October increase extends a run of consecutive monthly purchases to 24 months. The buying accelerated in recent months: over the first ten months of 2026 the central bank raised its holdings by about 129 tonnes.

Those additions come while the price of gold weakened significantly. During October the metal fell by nearly 7 percent — the steepest October decline since the 2008 global financial crisis — and ended the month below $4,000 per troy ounce.

Alongside the gold purchases, China’s foreign-exchange reserves rose in October by $4.9 billion to $3,405 billion, an increase of 0.14 percent from September. The two trends together underline Beijing’s dual approach to managing its external assets.

Central-bank demand has been a major driver on global precious-metals markets. Data from the World Gold Council show that central banks worldwide bought a net 321 tonnes of gold in the third quarter — the largest quarterly net buying since the end of 2024 — a pattern that helps explain persistent official-sector accumulation even when prices dip.

For Beijing, continued accumulation appears to be a strategic element of reserve management: holding larger gold stocks provides diversification amid market volatility and complements the country’s FX buffers.

Photo: press material from the event