- China's gold imports reached a record $158.8 billion and more than 1,000 tonnes in the first eight months of 2026, versus $96.5 billion and 886 tonnes in all of 2025.
- The People's Bank of China added about 23 tonnes in September, its biggest monthly purchase in almost three years, extending the longest purchasing streak since at least 2015.
- Gold prices fell more than 8% in September to about $4,176 an ounce, after hitting a record above $5,500 in January.
- Analysts cite reserve diversification away from the dollar and Treasuries, weak property and equity markets, and a one-year Chinese government bond yield near 1.2% versus about 4.46% in the U.S. as drivers of household and institutional gold demand.
Quotes
“Chinese buying has become an important source of structural support for gold prices”
“The opportunity cost of holding gold is also much lower in China than in many Western markets”