China's central bank added about 23 tonnes of gold in September, its 23rd straight month of buying. Gold slipped to $4,060 earlier in October after reaching $4,700/oz in mid-August.
The People's Bank of China bought approximately 23 tonnes of gold in September, according to the Kobeissi Letter. That beat its previous 2026 record for monthly purchases.
The purchase also extended a buying streak to 23 consecutive months. It followed additions of roughly 20 tonnes in both July and August.
China closes in on European gold holders
China has bought more than 100 tonnes of gold in 2026, and its reported reserves stand at 2,410 tonnes. That makes it the fifth-largest gold holder, behind the US, Germany, Italy, and France.
The Kobeissi Letter analysts said China is likely to surpass Italy and France as early as this year at this pace. Italy holds 2,452 tonnes and France holds 2,437 tonnes.
China is not alone. Other central bank buyers, including Poland, Uzbekistan, and Kazakhstan, have accumulated gold in substantial portions over the year.
Gold price pulls back from August high
Gold's price soared to $4,700/oz during the mid-August breakout rally, but it was rejected and dipped to $4,060 earlier in October. It then recovered some ground to $4,194/oz as of Friday's close.
Source: CryptoPotato
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