China's Central Bank Buys Gold for a 23rd Straight Month, With September the Largest Purchase in Nearly Three Years

China's central bank bought gold for a 23rd consecutive month in September 2026, adding about 23 tonnes, according to Al Jazeera citing the World Gold Council. It was the largest monthly purchase since October 2023. Reported Chinese gold holdings rose to about 2,410 tonnes, and gold made up 8.5 percent of the country's official reserves at the end of September, against 5.5 percent at the end of 2024.

Analysts told Al Jazeera the main aim is to reduce reliance on US Treasuries and manage reserve risk. Household demand has also grown: purchases of gold bars and coins in the first half of 2026 were 28.4 percent higher than a year earlier, according to the China Gold Association. One analyst cautioned that the trend does not mean the dollar's dominance is about to end and described it as gradual diversification. Sustained buying is one of the supports for the global gold market, whose price feeds into Iran's domestic market.