China extends gold buying streak to 24 months
The People's Bank of China (PBOC) increased its gold reserves by 830,000 ounces (approximately 25.8 metric tons) in October, extending its buying streak to 24 consecutive months.
According to official data, the central bank's total gold purchases during the first 10 months of 2026 reached approximately 129 metric tons. Gold's roughly 7% decline in October, which pushed prices below $4,000 per ounce, did not deter the PBOC from continuing to accumulate reserves.
According to the World Gold Council (WGC), China ranked first among central banks that publicly disclosed gold purchases in the third quarter. Global central banks' net gold purchases reached 321 metric tons during the same period, marking the highest level since the fourth quarter of 2024. The PBOC's uninterrupted purchases have also supported interest in gold among Chinese retail investors, while central banks' ongoing reserve diversification remains a significant source of demand in the global gold market.
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