Gold Rush Amid Global Uncertainty: China's Central Bank Buys Metal For 11th Month In Row

The People's Bank of China bought gold for the 11th straight month in September. Gold reserves held by the Chinese central bank rose by 1.24 tonnes to 2,303.52 tonnes as of September, according to data from the China State Administration of Foreign Exchange, which was released on Tuesday.

The Chinese central bank has bought 39.2 tonnes since it started purchasing in November 2024, as it continues to boost its gold reserves amid geopolitical uncertainties.

The value of gold in foreign exchange reserves rose to $368.89 billion in September from $364.31 billion in August as the yellow metal price hit a record high. As of last month, the share of gold in the central bank's total reserves was 7.7%.

In 2025, the PBOC has bought 22.7 tonnes of gold so far after buying 44.2 tonnes in 2024, as per World Gold Council data.

According to the latest WGC data, global central banks bought 15 tonnes of gold in August. The major buyers were the National Bank of Kazakhstan at 8 tonnes, the Bulgarian National Bank, the Central Bank of Turkey, the Central Bank of Uzbekistan, the Czech National Bank, and the Bank of Ghana purchased 2 tonnes each. The notable sellers in August were the Central Bank of Russia, reducing holdings by 3 tonnes, and the Bank of Indonesia offloaded 2 tonnes of gold.

At 1325IST, the most-active December contract on COMEX was at $3,970.2 an ounce. "Precious metals are showing no signs of giving up last week's gains, with gold and silver continuing to reach new highs," Sucden Financial wrote in a note.

Global central banks cumulatively held 36,359.5 tonnes of gold reserves as of the end of July.