Extends Gold-Buying Streak to Two Years
Authored by GoldFix
GFN - BEIJING: China added 25.8 metric tons of gold to its reserves in October, completing two years of consecutive monthly purchases as bullion prices fell nearly 7% and finished the month below $4,000 an ounce.
Bloomberg reported, citing official data released Saturday, that the People’s Bank of China increased its gold holdings by 830,000 ounces in October. The latest addition brought purchases for the first 10 months of 2026 to approximately 129 metric tons.
The central bank has increased its purchases in recent months as gold prices have declined.
China was the largest disclosed central-bank buyer during the third quarter, according to World Gold Council data cited by Bloomberg. Net purchases across the global official sector reached 321 metric tons between July and September, the highest quarterly total since the final three months of 2024. Central-bank demand has continued to support bullion during a period of broader market weakness.
Related: Goldman Lowers Gold Targets, Keeps Its Long-Term Bull Case
Goldman cuts year-end gold targets to $4,150 for 2026 and $4,800 for 2027 as higher rates pressure investors. Central-bank buying supports its longer-term outlook. We believe the downgrade’s immediate impact is largely absorbed; further downgrades by other banks could prolong pressure, interrupt rallies and create opportunities for long-term gold buyers. Listen now
Gold touched a one-year low in October and suffered its largest decline for that calendar month since the 2008 global financial crisis. The selloff pushed prices below the $4,000 level, which had served as a support threshold.
Bullion has recovered since this week’s U.S. midterm elections, although it remains more than 20% below its level when the Iran war began in late February.
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