09 October 2026
China stepped up its gold purchases in September, with its central bank recording the largest monthly increase in reserves in three years as bullion prices weakened.
The People’s Bank of China (PBOC) added approximately 740,000 ounces of gold to its reserves during the month, according to official data, marking its 23rd consecutive month of purchases.
The increase exceeded the 650,000 ounces bought in August and coincided with a 6% decline in gold prices during September.
Gold came under pressure last month after the US Federal Reserve raised interest rates for the first time since 2023 and signalled the possibility of further tightening to combat inflation.
Higher interest rates typically weigh on gold, as the metal pays no interest and becomes less attractive relative to yield-bearing assets.
Central banks continue buying
However, the recent price weakness has also created opportunities for central banks seeking to expand their gold reserves.
Data from the World Gold Council (WGC) shows that central banks have bought about 5.5 million ounces in the first eight months of 2026, with Poland and China leading the way.
Earlier this week, Bundesbank President Joachim Nagel said rising government debt levels were strengthening the case for central banks to diversify their reserves into gold.
In an earlier WGC survey of 74 banks, roughly 45% of respondents said they expected to increase their gold holdings over the following year.
Source：https://mining.com.au/china-ramps-up-gold-buying-as-prices-fall/
