The People’s Bank of China raised its gold holdings by 0.83 million ounces, about 25.8 tonnes, to 78.30 million ounces in October 2026, the 24th consecutive monthly increase and the largest of the run. The value of the holdings still fell to US$306 billion as gold prices dropped about 6% during the month.
Global Economy Charts Research Desk | November 8, 2026
Key indicators
| Indicator | Reading | Context |
|---|---|---|
| PBoC gold holdings, end-October | 78.30m oz | About 2,435 tonnes; September 77.47m oz |
| Monthly addition | +0.83m oz | About 25.8 tonnes; largest since buying resumed in Nov 2024 |
| Value of gold holdings | US$306.4bn | September: US$323.5bn |
| FX reserves, end-October | US$3.405tn | +US$4.9bn; above US$3.4tn for seven months |
| Gold share of official reserves | About 8.1% | GEC calculation; September 8.5% |
The data, published by the State Administration of Foreign Exchange on 7 November, show that China has added 4.15 million ounces, roughly 129 tonnes, since the end of 2025. Monthly additions have risen in each of the past eight months, from 0.03 million ounces in February to 0.83 million in October, even as gold fell from its January record to below US$4,000.
1. Buying more as prices fall
The World Gold Council said the London PM benchmark fell 6.3% in October to US$3,913 an ounce on 30 October, citing asset rotation, de-grossing and repricing of the Federal Reserve’s rate path. The value China reports for its gold implies the same US$3,913 price. Bloomberg described the purchase as the largest in more than three years. The pattern suggests the central bank has used lower prices to accelerate accumulation rather than pause.
2. A strategic, long-term programme
In its third-quarter Gold Demand Trends report, the WGC said central banks bought 321 tonnes in the quarter, up 42% on a year earlier, and that longer-term strategic considerations remained the main driver. The PBoC was the largest reported buyer at 63 tonnes, ahead of Poland at 40 tonnes. About 63% of estimated central-bank demand was unreported, so official data show only part of the market.
3. Valuation swings dominate the gold share
Gold’s share of China’s official reserves has moved between 8% and 10% over the past year, mostly because of price swings rather than purchases. It peaked near 10% in February, when gold was close to its record, and fell to about 8.1% in October. Foreign-exchange reserves rose by US$4.9 billion to US$3.405 trillion over the month, according to SAFE.
4. What it means for the wider market
Spot gold rebounded above US$4,100 on 5 November, according to Bloomberg, after oil prices fell following the US midterm elections, but it remains more than a fifth below its level when the US-Iran war began in late February. Official buying provides a steady source of demand at a time when futures positioning has been volatile. Global gold ETFs still took in US$3 billion in October, according to the WGC.
Scenarios to watch
If gold prices stay below US$4,000 and the PBoC keeps adding at October’s pace, reported buying in 2026 would reach about 180 tonnes, a GEC extrapolation rather than a forecast. If prices rebound sharply, past behaviour suggests purchases may slow. Next month’s reserve data, due in early December, and WGC central-bank statistics for October are the next indicators. These are scenarios for monitoring, not price forecasts or investment advice.
Sources and methodology
SAFE, Official Reserve Assets (2026), 7 November 2026; SAFE, Official Reserve Assets (2025); World Gold Council, Gold Demand Trends Q3 2026: Central banks; World Gold Council, Gold Market Commentary, October 2026; World Gold Council, China gold market update, 15 October 2026; Bloomberg, 7 November 2026. Reported figures are distinguished from forecasts and GEC calculations. Charts use the values and units shown; scales start at zero except where negative values or index thresholds require otherwise. Interpretive sections are GEC analysis, not company or central-bank forecasts.
Thumbnail: AI-generated editorial illustration. Figures are rounded for readability; some releases may be preliminary or subject to revision.
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