China's Central Bank Adds 26 Tonnes of Gold in October, Its Biggest Monthly Buy Since at Least 2025, as Prices Slide

Published November 8, 2026 (SAFE data for end-October 2026, released November 7). Market data as of November 8, 07:00 UTC.

China's central bank raised its gold holdings by 830,000 troy ounces in October to 78.30 million ounces, official data released on Nov. 7 show, its largest monthly addition since at least the start of 2025, even as bullion prices slid.

The size of the purchase stands out. By BullishStation's count, October's addition equals about 25.8 tonnes, worth roughly $3.2 billion at month-end prices. That is more than the People's Bank of China added in the 11 months from February to December 2025 combined, according to the official reserve assets tables of the State Administration of Foreign Exchange (SAFE).

The pace has climbed almost every month this year. Holdings rose by 40,000 ounces in January, 260,000 in April, 480,000 in June, 740,000 in September and 830,000 in October. Since the end of 2025, the bank has added 4.15 million ounces, or about 129 tonnes.

SAFE pointed to the dollar when explaining October's moves. "The US dollar index rose, and prices of major global financial assets were mixed," the regulator said in its statement on end-October reserves (BullishStation's translation from Chinese). Total foreign currency reserves edged up $4.9 billion, or 0.14%, to $3.405 trillion.

Buying the dip in gold

The more striking point is when China is buying. SAFE reports both the number of ounces and their dollar value, so the two figures imply a month-end gold price. By our calculation, that price fell from about $5,222 an ounce at the end of February to $4,176 at the end of September and $3,913 at the end of October.

That is a 6.3% drop in October alone and a 25% fall from the February peak. As a result, the value of China's gold fell 5.3% to $306.4 billion in October, even though it owned 1.1% more metal. Gold now makes up about 8.1% of China's official reserves, down from 8.5% at the end of 2025.

The pattern suggests a long-term reserve policy rather than a trade. Central banks that diversify away from the dollar tend to buy steadily, and China appears to be using lower prices to accelerate. The PBOC does not explain its gold purchases, and SAFE's statement did not mention gold.

The macro backdrop explains the slide. Central banks have been tightening again: the Fed raised rates in September, as shown in our Fed decisions tracker, the Bank of England hiked to 4% this week and the Reserve Bank of Australia moved to 4.85%. Higher real yields raise the cost of holding assets that pay no interest, such as gold and Bitcoin.

What it means for Bitcoin's "digital gold" story

Bitcoin has not offered shelter either. It fell from about $83,600 on Oct. 1 to $77,500 on Nov. 1, according to CoinGecko, a 7.2% drop that roughly matched gold's October slide. By Sunday morning it traded near $75,800, down about 13% since Jan. 1.

The difference is who is buying. Gold has a sovereign buyer adding tonnes every month, while Bitcoin's main institutional channel is running in reverse: US spot Bitcoin ETFs lost $1.28 billion in the first week of November, as tracked in our ETF flows tracker. No major central bank publicly reports Bitcoin in its reserves.

The chain runs through the dollar. A stronger dollar and higher yields squeeze both assets, but a reserve manager can treat a falling gold price as an entry point, while ETF investors tend to sell into weakness. Our guide to geopolitics and crypto covers why reserve diversification keeps coming back as a theme.

History offers a guide. China paused its reported gold purchases from May to October 2024, as prices climbed to records, then resumed in November 2024. This year it has done the opposite, increasing purchases as prices fall, a pattern consistent with a buyer focused on quantity rather than price.

The next data points are close. The US October consumer price index is due on Tuesday, Nov. 10, and will shape the Fed's Dec. 9 decision. SAFE will publish end-November reserve figures in early December, which will show whether the buying pace kept rising.

Related: US adds 165,000 jobs in October · What is Bitcoin? A complete guide

Sources: State Administration of Foreign Exchange, Official Reserve Assets 2025 and 2026 tables (end-October 2026 data, Nov. 7, 2026); SAFE statement on end-October 2026 foreign exchange reserves; CoinGecko BTC-USD daily prices; Farside Investors (ETF flows).

This article is for information only and is not investment advice. Gold prices cited are implied by SAFE's reported holdings and values and are approximate. Crypto assets are volatile and you can lose money.