China’s gold buying lifts reserves to 2,410 tonnes

Data showed China’s central bank added 23 tonnes of gold in September 2026, taking reported holdings to about 2,410 tonnes and extending reserve diversification. No immediate bullion-price reaction was provided.

The September purchase was described as the largest monthly addition in nearly three years and extended the buying run to 23 consecutive months, according to the data. The increase keeps China near the center of official-sector demand for bullion, a reserve asset that carries no foreign issuer liability when stored domestically.

China’s bullion reserve shift

The analysis linked Beijing’s purchases to sanctions risk after Western governments froze Russian foreign-exchange reserves following Moscow’s 2022 invasion of Ukraine. It said the move does not mean China is preparing to abandon the dollar, but points to efforts to reduce dependence on dollar- and euro-based reserve channels.

World Gold Council data showed central banks bought about 39 tonnes of gold on a net basis in August, following 23 tonnes in July. The figures suggest reserve managers are still adding bullion as a diversification tool, even though gold pays no interest and cannot match the liquidity of US Treasury markets.

Domestic demand adds another channel. The analysis said pressure in China’s property market and volatility in financial assets have pushed households and investors toward alternative stores of wealth, while Hong Kong remains part of Beijing’s gold-trading infrastructure.

Through Oct. 31, 2026, the market test is whether China’s buying run continues: if it does, official demand may support bullion; if it pauses, the diversification signal looks less durable.