China Adds About 26 Tonnes of Gold in October, Its Biggest Monthly Purchase in Nearly Two Years

NEW DELHI, November 7: China’s central bank added about 830,000 troy ounces of gold to its reserves in October 2026, its largest monthly purchase since at least the start of 2025, according to official reserve data published by the State Administration of Foreign Exchange (SAFE). China’s foreign exchange reserves rose by $4.9 billion to $3.405 trillion at the end of the month.

Key highlights

• Gold holdings: 78.30 million ounces at end-October, up from 77.47 million at end-September.
• Monthly purchase: about 0.83 million ounces, or roughly 26 tonnes, the biggest monthly addition in the 2025–2026 official tables.
• Value: the gold was valued at $306.41 billion, down from $323.52 billion a month earlier, because gold prices fell.
• Foreign exchange reserves: $3,405.2 billion, up 0.14% from September.
• Total official reserve assets: $3,777.56 billion, including gold, SDRs and the IMF reserve position.

January’s change is measured against 74.15 million ounces at the end of December 2025, from SAFE’s 2025 table.

What SAFE said about the reserves

SAFE said the US dollar index rose in October as global economic data and the monetary policies and expectations of major economies moved markets, while prices of major global financial assets were mixed. Currency conversion and asset price changes together lifted the reserves in the month. It added that China’s economy was running smoothly overall, which supports the basic stability of the reserves.

A steady, rising pace of gold buying

The official tables show China’s gold holdings have risen every month this year, and the size of the monthly additions has grown steadily, from 30,000 ounces in February to 830,000 ounces in October. October was the 24th straight month of increases, extending the run we described in our explainer on why China is buying so much gold. Since the end of 2025, holdings have risen by 4.15 million ounces.

Our calculation

• 0.83 million troy ounces is about 25.8 tonnes; total holdings of 78.30 million ounces are about 2,435 tonnes.
• Since end-2025, China has added about 129 tonnes of gold.
• Dividing the reported value by the number of ounces gives an implied valuation of about $3,913 an ounce at end-October, down about 6.3% from about $4,176 at end-September. This is our approximation from the official figures, not a SAFE number.
• Gold made up about 8.1% of China’s total official reserve assets at end-October.

What it means for India and Asia

China’s central bank kept buying gold, and buying more of it each month, even as prices fell in October. Central banks across Asia hold gold, and lower prices have cut the dollar value of those holdings: as we reported in our October reserves round-up, the value of the Reserve Bank of India’s gold was $12.81 billion lower on October 30 than at the end of March. China’s steady buying is one of the factors gold markets, and Indian jewellery buyers during the festive season, are watching.

What to watch

• SAFE’s November reserve data, due in early December.
• Whether China’s monthly gold purchases keep rising.
• Gold prices after the US jobs data and central bank decisions this week.

The People’s Bank of China headquarters in Beijing. The central bank’s gold and foreign exchange reserves are reported by the State Administration of Foreign Exchange. Image: Max12Max, CC BY-SA 4.0, via Wikimedia Commons. Photo source · Licence

Sources

• State Administration of Foreign Exchange: China’s foreign exchange reserves at end-October 2026, November 6, 2026 (in Chinese)
• State Administration of Foreign Exchange: Official reserve assets (2026), updated November 7, 2026
• State Administration of Foreign Exchange: Official reserve assets (2025)

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