China Accelerates Its Gold Reserve Buying
The PBOC added 830,000 ounces in October, extending its buying streak to 24 months. More gold did not prevent a fall in reserve value.
by Corinne Ashdown2 min read
The People's Bank of China added 830,000 ounces of gold in October, its 24th consecutive monthly increase, according to the official reserve table released November 7, 2026. That lifted reported holdings to 78.30 million ounces. For those of us holding gold, Beijing has supplied a fresh month of disclosed sovereign demand beyond the quarterly figures published earlier this week.
How much faster was Beijing buying? October's addition exceeded September's 740,000 ounces, calculated from the same official series. August's increase was 650,000 ounces, so the latest acceleration extends an earlier rise in the monthly pace. October was the largest reported increase so far in 2026. We can now put a larger Chinese reserve addition into our assessment of gold demand. The table gives neither transaction dates nor purchase prices, however, so it cannot establish whether those ounces were acquired during a particular rally or pullback.
The buying streak also holds up against the historical record. SAFE's 2024 reserve table shows holdings began rising again that November after remaining unchanged from May through October. Its 2025 table records an increase every month, and the current series extends that uninterrupted run through October. For your investment case, the persistence and the pace answer different questions: Beijing has kept adding gold, while the monthly amounts show that its appetite has varied considerably along the way.
Yet the larger holding came with a lower dollar valuation. The October reserve table values the gold at US$306.4 billion, compared with US$323.5 billion at September's end. A reserve manager can accumulate ounces while the reported value of its stock falls. If you own bullion, that is a useful check on treating official purchases as protection against a decline. The continuing buyer adds demand, but the value of its own holding remains exposed to the price of gold.
In Central Banks Buy Gold as Global Demand Slips, we assessed official buying alongside weakness elsewhere in the market. This release adds a new October country figure to that picture; it does not establish that total global demand has accelerated. For your gold miners, the stronger Chinese addition supports the demand side of the investment case, while operating costs and production still determine how much revenue becomes cash. We would give Beijing's faster accumulation weight without treating one country's reserve decision as a forecast of your producers' earnings.
By December 10, we will check for November's official reserve figures to see whether Beijing sustains October's faster pace.
Seek the truth and be prepared,
Equedia News
Sources
- State Administration of Foreign Exchange, Official reserve assets, 2026, including October holdings and valuations
- State Administration of Foreign Exchange, Official reserve assets release index, dated November 7, 2026
- State Administration of Foreign Exchange, Official reserve assets, 2024, final release January 7, 2025
- State Administration of Foreign Exchange, Official reserve assets, 2025, final release January 7, 2026
- Equedia News, Central Banks Buy Gold as Global Demand Slips, November 3, 2026
Disclaimer: This letter is for informational and educational purposes only and does not constitute investment advice. Past predictions and performance are not indicative of future results. We own gold and gold stocks. Please see our full terms of use and disclaimer at equedia.com.
