China’s central bank bought 740,000 ounces of gold in September 2026, worth about US$3.1 billion at end-of-month prices. It is the 23rd month in a row that Beijing has added to its gold reserves.
Official data released on 7 October shows the People’s Bank of China (PBOC) held 77.47 million troy ounces of gold at the end of September, up from 76.73 million ounces in August (China Daily). The 740,000-ounce addition is roughly 23 tonnes.
This was China’s biggest single-month purchase in three years. It was the largest increase since September 2023, when reserves rose by 840,000 ounces, and it topped August’s 650,000 ounces and July’s 640,000 ounces.
Twenty-three months of steady buying
The streak began in November 2024. China had paused purchases for six months, leaving holdings at 72.8 million ounces at the end of October 2024 (Reuters via Tiger).
Since then, the PBOC has added 4.67 million ounces, roughly 145 tonnes. At end-September prices, that is worth about US$19.5 billion. China’s official gold stock now stands at about 2,410 tonnes.
China’s total gold reserves were valued at US$323.52 billion at the end of September (The Standard). That is down from US$350.08 billion in August, even though China owns more gold. Gold fell more than 6% during September, so the bigger pile was worth less in dollars.
Why Beijing keeps buying
Beijing has never publicly explained the pace of its buying. Chinese analysts quoted by the Global Times say gold helps hedge against international financial and geopolitical risk. They also argue it strengthens confidence in the yuan as China pushes to internationalise its currency.
The timing stands out. The PBOC stepped up buying in a month when prices fell, suggesting it is using dips to build its position.
China is not alone. A World Gold Council survey found 45% of central banks plan to buy gold within the next year, the highest share since 2018 (Briefs).
What it means for gold buyers
September was a tough month for gold. Prices fell more than 6% as higher energy costs linked to the Middle East conflict fed inflation and pushed the US Federal Reserve to raise rates. [Internal link: FirstGold’s latest gold price report]
Yet the world’s biggest official buyers are not backing away. Several large money managers have rebuilt gold positions as prices neared US$4,000 an ounce, still seeing a long-term case for the metal. [Internal link: FirstGold coverage of central bank gold demand]
For everyday buyers, China’s steady buying is a reminder of why gold matters. When a central bank keeps adding through price dips, it signals confidence in gold as a long-term store of value.
Disclaimer: This article is for information only and is not financial advice.
Sources: China Daily · The Standard · Global Times · Bastille Post / Xinhua · Briefs · Reuters via Tiger
| Claim | Verdict | Note |
|---|---|---|
| China bought 740,000 oz in September | Confirmed | PBOC/SAFE data, released 7 Oct 2026 |
| Worth US$3.1 billion | Confirmed (approx.) | 740,000 oz at the end-September reserve valuation of about US$4,176/oz = US$3.09 billion |
| 23rd consecutive month | Confirmed | Streak began November 2024 |
| 4.67 million oz added over 23 months | Confirmed | 77.47m oz now vs 72.8m oz at end-October 2024 |
| Worth about US$19.5 billion | Confirmed (approx.) | Valued at end-September prices, not what China paid |
| Reserves worth US$323.5 billion | Confirmed | US$323.52 billion, down from US$350.08 billion in August |
