China's Gold Demand Surges, Driven by Central-Bank Purchases and Household Investment
China's influence on the global gold market is expanding, driven by central-bank purchases, household investment, and institutional participation.
The People's Bank of China remains a key player in the country's gold strategy. Official reserves rose from around 1,950 tonnes when purchases resumed in November 2022 to approximately 2,366 tonnes by July 2026.
China added about 225 tonnes in 2023, its largest annual increase on record. Buying accelerated again in the second quarter of 2026, with roughly 33 tonnes added, followed by about 20 tonnes in July, the strongest monthly purchase since October 2023.
Estimates based on physical consumption, customs data, investment flows, and exports from major refining hubs suggest official-sector purchases totaled 161.6 tonnes since January 2024, compared to 130.9 tonnes reported by the central bank.