China Adds 26 Tonnes of Gold in October Despite Sharp Price Drop
The People's Bank of China lifted its gold reserves to 78.30 million ounces in October, continuing purchases even as the metal fell nearly 7%.
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what happened
According to China's State Administration of Foreign Exchange (SAFE), published on November 7, the PBOC's gold reserves rose in October to 78.30 million troy ounces from 77.47 million in September. The increase of roughly 25.8 metric tonnes extends a buying streak that now runs for two years.
In dollar terms, the reserves fell to about $306.41 billion from $323.52 billion in September, a drop driven by lower bullion prices rather than a smaller physical holding. China added 23 tonnes in September, and according to Investing.com its purchases reached about 129 tonnes in the first ten months of 2026. Information as reported by bravenewcoin.com.
why it matters
Gold lost nearly 7% in October and closed below $4,000 an ounce. Steady official-sector demand, including from China, is offsetting part of the pressure from the correction, although prices still depend on interest rates, bond yields and currency moves.
market impact
Gold: steady central bank buying supports demand for the metal
- Gold pressure up — continued purchases by China's central bank support demand for the metal
tags
instruments
sources
- China Buys 26 Tonnes of Gold in October Despite 7% Price Drop, Extending Record Buying Streak — bravenewcoin.com, 8 November 2026 at 12:00 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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