China’s gold reserves rose to a record 2,410 tonnes in September 2026 after the People’s Bank of China added 23 tonnes, its biggest monthly buy in almost three years, according to MarketCapOf’s report on China’s gold buying. The jump also extends a 23-month run of China’s gold purchases, while the gold share of global reserves has climbed to around 20% from 5.77% in 2007, with central bank gold buying now shaping the gold price forecast.
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China’s Gold Buying Spree Helps Hold Up Gold Prices
China’s buying streak is now the longest since at least 2015, State Administration of Foreign Exchange data shows, as presented in Pluang’s report on China’s record gold imports. China’s gold reserves also make up about 9% of the country’s FX reserves, and Beijing has added over 103 tonnes this year, second only to Poland.
Data from The Market Ear shows the gold share of global reserves stayed roughly between 6% and 10% for over a decade, then took off after 2020, and China’s gold reserves are a steady part of that climb.
Why China Keeps Buying Gold
Carsten Menke, an analyst at Julius Baer Group, said Beijing’s main motive is political, as it wants to lean less on the US dollar and Treasuries. He also estimated that 110 tonnes bought this year went unreported, so China’s gold reserves could be bigger than the official number.
On top of China’s gold purchases through the central bank, households are buying too. China spent a record $158.8 billion on more than 1,000 tonnes of gold imports in the first eight months of 2026, as property and stocks struggle.
Source: China Daily
Ole Hansen, head of commodity strategy at Saxo Bank, said:
“The opportunity cost of holding gold is also much lower in China than in many Western markets.”
Gold Price Forecast Holds Firm As Central Banks Keep Buying
Gold dropped more than 8% in September to about $4,176 an ounce from a January record above $5,500, but China’s gold purchases have kept it from sliding further.
Ewa Manthey, commodities strategist at ING Bank, said:
“Chinese buying has become an important source of structural support for gold prices.”
Aakash Doshi of State Street Investment Management has a gold price forecast of $4,750 to $5,500 per troy ounce by the end of the first quarter of 2027. Central bank gold buying also looks set to continue, as 45% of 74 central banks in a World Gold Council survey plan to add gold. China’s gold reserves are also still less than a third of US holdings.
Ghana Eyes BRICS As Gold Demand Grows
Source: S_OkudzetoAblak on X
Ghana, the West African gold powerhouse, also wants a seat at the table. The country plans to formally apply for BRICS membership, which would put it in the same bloc as China, India and Russia, Africa Business Insider reports. The move comes as China’s gold reserves keep hitting new records. Foreign Affairs Minister Samuel Okudzeto Ablakwa announced the decision on October 6 and had this to say in a post on X:
“On the occasion of this important visit, I announced Cabinet’s strategic decision to apply for BRICS membership. The Government of Ghana is determined to position Ghana as a reliable friend to all as we expand our geopolitical and economic frontiers, anchored fundamentally on our national interest and freedom of choice in this fast-evolving multipolar world.”
A few things could still cool demand. Hansen said a recovery in China’s property and stock markets, a weaker yuan or higher deposit rates could weigh on buying, and a bigger shift would need central banks to lose interest in diversifying and geopolitical tensions to ease, which he does not see happening soon. With China’s gold reserves, the gold share of global reserves and central bank gold buying all rising, the gold price forecast into 2027 stays upbeat right now.