China’s central bank extends its gold-buying streak to 24 months, adding 25.8 tonnes in October as prices fall

China’s central bank added to its gold reserves in October, extending its buying streak to two years^1,2. The People’s Bank of China added about 25.8 tonnes of gold during the month^4,5,6.

The purchase was the 24th consecutive month of accumulation, according to official data^5,13. Figures released on Saturday by China’s State Administration of Foreign Exchange showed the central bank raising its gold reserves for a 24th straight month⁸.

The central bank’s gold holdings rose to 78.3 million troy ounces in October, up from 77.47 million². Official reserves stand at around 2,435 tonnes based on that latest reported figure of 78.3 million ounces^5,10. China’s foreign exchange reserves also edged up in October^2,3.

The buying run began in November 2024, and the central bank has bought every month since⁹.

Why it matters to investors

The October purchase came as the precious metal fell almost 7%¹. Rather than pausing, the central bank expanded its purchases as international gold prices plunged¹², continuing the streak despite a sharp drop in prices¹¹. It has stepped up purchases in recent months as gold prices have slumped⁷, and it expanded purchases over the period⁹.

That pattern has been described as buying the dip¹¹. The streak extended even as bullion prices fell⁶, and the latest additions arrived as gold rebounded from its October crash¹⁰.

For gold investors, a large official buyer that adds more when prices weaken is a source of demand that does not depend on short-term momentum.

The Chinese purchases are also part of a broader pattern of central-bank buying¹⁰, which places the People’s Bank of China among the official institutions adding gold to their reserves.

What to watch

The next monthly reserve release from the State Administration of Foreign Exchange will show whether the streak reaches 25 months^8,9. A larger addition in November would fit the recent pattern of heavier buying into price weakness^7,12.

Investors will also track the size of total reserves, now around 2,435 tonnes¹⁰, and the reported ounce count of 78.3 million² as measures of the scale of the buying.

Price direction matters too. Gold fell almost 7% before rebounding^1,10, and further volatility would test whether the central bank keeps buying at the same pace or slows its additions as prices recover.