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2026-10-12 12:58:05 China's central bank increased its gold holdings for 23 consecutive months, whereas the volume of gold imported by China also notched a record high. Analysts said the large-scale purchases reflect Beijing's push to reduce reliance on the USD, as well as the lack of safe alternative investment tools for Chinese households. They expected gold demand to remain robust amid a sluggish economy. The People's Bank of China increased its gold holdings by about 23 tonnes in September, marking the largest monthly purchase in nearly three years and extending the longest gold-buying cycle since at least 2015, according to data from the State Administration of Foreign Exchange. Chinese households and companies are turning to gold as a safe-haven asset, customs data showed. In the first eight months of this year, China imported more than 1,000 tonnes of gold worth USD158.8 billion, a record high and above the 886 tonnes worth USD96.5 billion imported in full-year 2025. Aakash Doshi, Head of Gold Strategy at State Street Investment Management, said China's consumer gold imports reached a record high in the first eight months of this year, while surging domestic gold price premiums indicate stronger winter seasonal demand. Gold prices have declined recently. Gold prices slumped more than 8% in September to about USD4,176 per ounce, after previously surpassing a record USD5,500 in January. ~ AASTOCKS Financial News Website: www.aastocks.com | |