China's central bank buys 830,000 ounces of gold in October as prices fall, a 24th straight month

China\'s central bank added about 830,000 ounces of gold to its reserves in October, lifting holdings to 78.3 million ounces, according to the monthly figures reported on November 7 by SBS and Bloomberg. It is the 24th consecutive monthly increase, a streak that began in November 2024.

The numbers

• October addition: about 830,000 ounces, roughly 25.8 tonnes. September\'s was 740,000 ounces, so buying stepped up.
• Holdings at the end of October: 78.3 million ounces, about 2,435 tonnes (Phemex News).
• January to October 2026: about 129 tonnes added, per SBS.
• Gold fell almost 7% in October and finished the month below $4,000 an ounce, SBS reported, citing the biggest October drop since 2008.

Why buying into a drop matters

A central bank that adds gold in the same month the price slides is not chasing momentum. Reserve managers are building a stockpile on their own schedule, which gives gold a steady buyer when private demand wavers. SBS also cited World Gold Council data showing the PBOC bought more than any other central bank that disclosed third-quarter purchases, in a quarter when global central banks bought 321 tonnes net, the most since the fourth quarter of 2024.

Our one-year chart shows how far the metal has come down: gold futures closed November 6 at $4,074.90, 23.4% below the January 29 peak. SBS notes prices are down more than 20% since late February despite a rebound after the US midterm elections.

What to keep in mind

The official figure is a floor, not the full picture. It covers only the central bank\'s reported reserves, and it says nothing about what Chinese households, banks or state funds hold. It also does not forecast price: central bank buying has coexisted with a 20% slide this year.

For the earlier months of this streak, and how it sits alongside Beijing\'s falling Treasury holdings, see our October 22 report. Live prices are on our gold chart.

Sources: SBS (Nov 7, 2026), Bloomberg (Nov 7, 2026), Phemex News, Yahoo Finance daily closes for the Chronicle chart. We could not open the PBOC or SAFE release directly; figures are as reported by these outlets. This is market information, not investment advice.