China raised gold reserves by 15 tonnes in September, Goldman says

[NEW YORK] China added an estimated 15 tonnes of gold to its forex reserves in September as central banks accelerated their purchases of bullion after a seasonal summer lull, according to Goldman Sachs.

Analysts, including Lina Thomas, estimated central bank purchases of the precious metal totalled 64 tonnes for September, more than tripling the 21 tonnes in August. The purchases likely continued in November, said Goldman.

Central bank buying has been a key driver for gold’s ferocious run for the past three years, with prices reaching all-time highs above US$4,380 an ounce in October before pulling back in recent weeks.

“We continue to see elevated central bank gold accumulation as a multi-year trend, as central banks diversify their reserves to hedge geopolitical and financial risks,” the analysts said in a note on Monday (Nov 17). “We maintain our assumption of average monthly central bank buying of 80 tonnes” in the fourth quarter to 2026.

The bank still sees gold prices reaching US$4,900 an ounce by the end of next year, boosted by continued central bank buying and private investor inflows under the US Federal Reserve’s easing monetary policy. BLOOMBERG