China’s central bank buys gold for 16th month straight in February despite near-record prices

China’s PBoC reported another monthly increase in official gold reserves in February—its 16th consecutive month of additions—despite bullion trading near January’s record highs. SAFE data show the PBoC added 30,000 oz, taking reported holdings to 74.2mn oz (c.$387.6bn). The persistence of buying at elevated prices reinforces the “official-sector bid” narrative underpinning dips in gold. Beyond the headline reserve increase, the article highlights potentially much larger, non-transparent accumulation via imports. It cites reports that China bought a record $961mn of gold from Russia in Nov-2025 (after ~$930mn in Oct), implying a sharp year-end acceleration; Jan–Nov 2025 imports of Russian gold were ~$1.9bn, almost 9x y/y. SocGen is also cited estimating China’s “true” gold purchases could be far higher than official figures—suggesting ~250t vs ~25t over a comparable window—using UK export data as a proxy for physical flows, and implying >1,080t added since mid-2022. Market implications: continued Chinese reserve accumulation (and potentially much larger off-balance-sheet/undisclosed buying) is supportive for spot and for maintaining a firm floor on pullbacks, particularly if geopolitics remain elevated and de-dollarisation rhetoric persists. Key near-term catalysts are upcoming monthly SAFE reserve releases, any corroborating trade-flow data (UK/Swiss/HK exports), and changes in USD strength/real yields that could either mask or amplify the impact of sustained official buying. Risk/uncertainty: the marginal official addition reported for February (30koz) is small versus the scale implied by import-based estimates, so price impact may hinge less on the official print and more on whether the market gains conviction that “true” central bank/sovereign flows are larger and ongoing.