China Buys 26 Tonnes of Gold in October Despite 7% Price Drop, Extending Record Buying Streak - Brave New Coin

AI desk brief

China added 25.8 tonnes of gold in October 2026, lifting reported reserves to 78.30 million ounces and extending its buying streak to 24 months, according to SAFE figures cited in the report. Gold fell nearly 7% that month; reserve value declined to $306.41 billion from $323.52 billion despite higher holdings. WGC figures put global central-bank net purchases at 321 tonnes in Q3, indicating sustained official demand that could support bullion without ensuring a price recovery. Technical signals remained mixed: a sustained move above $4,111–$4,128 could improve the short-term picture, while a retreat toward the $3,991 pivot would test recovery strength; Fibonacci support was $3,854. These are reference levels, not confirmed targets.