China Adds 23 Tonnes of Gold in September, Its Biggest Monthly Buy in Three Years

China's central bank bought about 23 tonnes of gold in September, its largest monthly purchase in roughly three years and a 23rd consecutive month of buying. The People's Bank of China added around 20 tonnes in both July and August. Its 2026 purchases have now exceeded 100 tonnes, lifting reported reserves to 2,410 tonnes. China is the fifth-largest sovereign gold holder, behind the US, Germany, Italy and France. At the current pace, it could overtake Italy (2,452 tonnes) and France (2,437 tonnes) as early as this year. The Kobeissi Letter highlighted the purchase over the weekend. Other central banks are also stockpiling. The National Bank of Poland bought 8 tonnes in August, taking its 2026 purchases to almost 100 tonnes and total reserves to about 648 tonnes. Uzbekistan added 8 tonnes, and Kazakhstan 7 tonnes. World Gold Council data show global central banks reported 39 tonnes of net purchases in August, after 23 tonnes in July. China led that month with 20 tonnes. Gold prices rallied to $4,700/oz during a mid-August breakout, then retreated to $4,060 earlier in October. They recovered to $4,194/oz by Friday's close. A WGC survey found 84% of central banks expect gold to account for a larger share of global reserves in five years.