China ramps up gold buying as prices fall - Shanghai Metals Market

AI desk brief

China’s PBOC added about 740,000 ounces of gold in September, the largest monthly increase in reserves in three years and its 23rd straight month of buying, even as gold fell 6% on the month. The move topped August’s 650,000-ounce purchase and underscores that price weakness is still drawing official-sector demand.

The article also highlights broader central-bank support: WGC data show official buyers acquired about 5.5 million ounces in the first eight months of 2026, with Poland and China leading. A tighter Fed backdrop remains a near-term headwind for gold, but the combination of lower prices and reserve diversification demand is constructive for the medium-term backdrop.