China has risen to become the fifth-largest gold holder globally, trailing only the United States, Germany, Italy, and France. According to data analyzed by the Kobeissi Letter, the country has consistently increased its gold purchases throughout this year and is projected to surpass France and Italy to secure the third spot by the end of 2026.
As of September 2026, China has acquired over 103 tonnes of gold, pushing its total holdings to a record 2,410 tonnes. This includes a significant purchase of more than 23 tonnes by China’s central bank in September, marking the 23rd consecutive month of gold buying and the largest monthly acquisition since September 2023.
The People’s Bank of China (PBC) has been aggressively purchasing gold, with over 20 tonnes bought in both July and August 2026. If this trend continues, China could overtake France, which holds 2,437 tonnes, and Italy, with 2,452 tonnes, by the end of 2026.
Meanwhile, gold prices have seen an uptick as sliding oil prices ease inflation concerns. Bloomberg reported that gold bullion traded above $4,200 an ounce, rising 1.3% last week. Spot gold edged up 0.3% to $4,206.86 an ounce, while silver increased 0.5% to $61.12. Analysts suggest that softer inflation and declining long-end yields could further support gold’s recovery.