China’s gold reserves rose to a file 2,410 tonnes in September 2026 after the People’s Bank of China added 23 tonnes, its largest month-to-month purchase in nearly three years, in line with MarketCapOf’s report on China’s gold buying. The soar additionally extends a 23-month run of China’s gold purchases, whereas the gold share of world reserves has climbed to round 20% from 5.77% in 2007, with central financial institution gold shopping for now shaping the gold worth forecast.
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China’s Gold Buying Spree Helps Hold Up Gold Prices
China’s shopping for streak is now the longest since a minimum of 2015, State Administration of Foreign Exchange information reveals, as introduced in Pluang’s report on China’s record gold imports. China’s gold reserves additionally make up about 9% of the nation’s FX reserves, and Beijing has added over 103 tonnes this yr, second solely to Poland.
Data from The Market Ear reveals the gold share of world reserves stayed roughly between 6% and 10% for over a decade, then took off after 2020, and China’s gold reserves are a gradual a part of that climb.
Why China Keeps Buying Gold
Carsten Menke, an analyst at Julius Baer Group, stated Beijing’s fundamental motive is political, as it needs to lean much less on the US greenback and Treasuries. He additionally estimated that 110 tonnes purchased this yr went unreported, so China’s gold reserves could possibly be larger than the official quantity.
On prime of China’s gold purchases via the central financial institution, households are shopping for too. China spent a file $158.8 billion on greater than 1,000 tonnes of gold imports in the primary eight months of 2026, as property and shares battle.
Source: China Daily
Ole Hansen, head of commodity technique at Saxo Bank, stated:
“The opportunity cost of holding gold is also much lower in China than in many Western markets.”
Gold Price Forecast Holds Firm As Central Banks Keep Buying
Gold dropped greater than 8% in September to about $4,176 an oz. from a January file above $5,500, however China’s gold purchases have saved it from sliding additional.
Ewa Manthey, commodities strategist at ING Bank, stated:
“Chinese buying has become an important source of structural support for gold prices.”
Aakash Doshi of State Street Investment Management has a gold worth forecast of $4,750 to $5,500 per troy ounce by the top of the primary quarter of 2027. Central financial institution gold shopping for additionally appears to be like set to proceed, as 45% of 74 central banks in a World Gold Council survey plan so as to add gold. China’s gold reserves are additionally nonetheless lower than a 3rd of US holdings.
Ghana Eyes BRICS As Gold Demand Grows
Source: S_OkudzetoAblak on X
Ghana, the West African gold powerhouse, additionally needs a seat on the desk. The nation plans to formally apply for BRICS membership, which might put it in the same bloc as China, India and Russia, Africa Business Insider reports. The transfer comes as China’s gold reserves preserve hitting new information. Foreign Affairs Minister Samuel Okudzeto Ablakwa introduced the choice on October 6 and had this to say in a publish on X:
“On the occasion of this important visit, I announced Cabinet’s strategic decision to apply for BRICS membership. The Government of Ghana is determined to position Ghana as a reliable friend to all as we expand our geopolitical and economic frontiers, anchored fundamentally on our national interest and freedom of choice in this fast-evolving multipolar world.”
A number of issues may nonetheless cool demand. Hansen stated a restoration in China’s property and inventory markets, a weaker yuan or greater deposit charges may weigh on shopping for, and an even bigger shift would want central banks to lose curiosity in diversifying and geopolitical tensions to ease, which he doesn’t see taking place quickly. With China’s gold reserves, the gold share of world reserves and central financial institution gold shopping for all rising, the gold worth forecast into 2027 stays upbeat proper now.
