China extends gold buying streak to 24 months as prices slump below $4,000 Simon Mugo Fri, November 6, 2026 at 11:15 PM EST 2 min read GC=F -0.94% GC Investing.com -- China's central bank increased its gold reserves for a 24th consecutive month in October, extending its buying streak to two years as bullion prices recorded their steepest October decline since 2008.
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The People's Bank of China added 830,000 troy ounces, equivalent to about 25.8 metric tons, according to official figures released Saturday. Purchases during the first 10 months of 2026 totaled approximately 129 tons.
The latest increase came as gold fell almost 7% in October, finishing the month below $4,000 an ounce after touching a one-year low. The decline marked the metal's worst October performance since the global financial crisis.
China has accelerated its reserve accumulation in recent months, buying into a downturn that has tested investor confidence in the precious metal.
The central bank was the largest publicly disclosed official buyer in the third quarter, according to World Gold Council figures. Central banks worldwide reported net purchases of 321 tons between July and September, the strongest quarterly total since the final three months of 2024.
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Official-sector demand has provided support for bullion at a time when other sources of buying have been subdued.
Gold has recovered some ground following this week's U.S. midterm elections, although prices remain more than 20% below levels seen when the Iran war began in late February.
Higher energy costs linked to the conflict have increased inflationary pressures, encouraging tighter monetary policy. Higher interest rates tend to weigh on gold, which pays no interest.
The central bank's continued purchases have also influenced retail demand in China, where households bought bullion near $4,000 an ounce during October in anticipation of longer-term price support.
Its purchases have continued amid significant volatility across global precious metals markets this year.
The latest reserve figures highlight the contrast between sustained official buying and the price weakness that has characterized gold trading in recent months.
China extends gold buying streak to 24 months as prices slump below $4,000
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