China gold reserves: PBOC adds 26t, nears France

China gold reserves rose for a 24th straight month in October. The People's Bank of China added about 830,000 ounces, or roughly 25.8 tonnes, taking its holding to 78.30 million ounces, about 2,435 tonnes. It bought while gold fell almost 7% in October, Bloomberg reported. That puts China within about 2 tonnes of France.

Why it matters: The world's second-biggest economy is buying hardest when the price falls. That steady official demand is one reason gold found a floor near $3,876 at the end of October.

How much gold did China buy in October?

The central bank's monthly reserve data, published on Saturday, showed holdings of 78.30 million troy ounces at the end of October. That is about 830,000 ounces more than a month earlier.

October's purchase was the biggest in at least three years. September's 23-tonne addition was already the largest monthly buy since October 2023, and October topped it. Across the first ten months of 2026, China has added about 129 tonnes, according to Bloomberg.

At Friday's close of about $4,072 an ounce, China's 78.30 million ounces are worth about $319bn, by our calculation.

How has China's buying grown?

The streak began in November 2024, after a six-month pause from May of that year. Since then the monthly additions have mostly been small, a few tonnes at a time, until this autumn.

Between the end of February and the end of October, China added about 4.08 million ounces, or roughly 127 tonnes, by our calculation from the reported figures. More than a third of that came in September and October alone.

Why is China buying when prices are falling?

The pattern this year suggests the central bank buys more when the price drops. Its two biggest months came in September and October, when gold slid from above $4,400 towards a one-year low near $3,876 on our data. That is the opposite of what a momentum trader would do.

The stated reason is diversification. Reports cite Beijing's wish to hold fewer US dollar assets. Gold cannot be frozen by another government and carries no credit risk, which matters to a country holding the world's largest pile of foreign exchange reserves. Our explainer on why central banks buy gold sets out the wider case.

Where does China rank now?

On our reserves table, China is now the fifth-largest official holder of gold, and close to fourth.

At October's pace of about 26 tonnes a month, China would pass France within weeks and Italy soon after. That would make it the third-largest holder behind only the US and Germany. France's figure in our table dates from March 2026, so the exact crossing point depends on the latest data from the Banque de France.

Is China the only big buyer?

No. Poland's central bank said on Thursday that it had reached its 700-tonne target, implying about 27 tonnes bought in October, and Governor Adam Glapinski said he saw no reason to stop. In the quarter to June, Poland bought 51 tonnes and China 33, on our data, ahead of Uzbekistan and Kazakhstan.

Our earlier piece on central bank gold buying in Poland and China tracked the same two buyers in the summer. Their pace has picked up since.

What does it mean for the gold price?

Official buying does not stop gold falling, as October showed. But it puts steady demand under the market. When two central banks add more than 50 tonnes between them in a month of falling prices, they absorb a large share of the selling from funds.

That helps explain why gold found buyers near $3,876 and bounced 5.1% last week. For more on how the Golden Week holiday played into China's demand, see China's central bank gold buying around Golden Week.