China’s PBOC adds gold for 14th month as prices hit record

[BEIJING] China’s central bank extended its gold-buying streak to 14 months, underscoring sustained official demand for bullion as prices surge to record.

Bullion held by the People’s Bank of China rose by 30,000 troy ounces last month, according to data released on Wednesday (Jan 7). That brings total purchases since November 2024, when the current buying cycle started, to around 1.35 million ounces, or 42 tons.

Gold had a volatile run in the last month of 2025, surging to a record before paring some gains. Still, the metal delivered its best annual performance since 1979 on the back of central bank purchases, geopolitical angsts as well as debasement trades – a retreat from sovereign bonds and currencies for alternative stores of value.

Central banks bought nearly as much gold in late 2025 than they did in the first eight months of the year, according to a research by World Gold Council published on Tuesday. The data highlight official-sector demand as a key pillar to support gold prices into this year, as countries continue to see bullion as a hedge against the dollar. 

The true scale of PBOC purchases remains difficult to pin down, as numerous estimates put the actual buying higher. Goldman Sachs Group estimated that China added 15 tons of gold to its reserves in September, compared with only around 1 ton of gold the country officially reported. BLOOMBERG