China's central bank has accelerated its gold accumulation, purchasing 23 tonnes in September—its largest monthly addition in approximately three years. The purchase marks the 23rd consecutive month of buying and follows acquisitions of roughly 20 tonnes each in July and August.
So far in 2026, China has officially acquired more than 100 tonnes of gold, bringing its total reported reserves to 2,410 tonnes. This places China as the world's fifth-largest gold holder, behind the United States, Germany, Italy, and France.
At its current pace, analysts suggest China could surpass both Italy and France as early as this year. Italy currently holds 2,452 tonnes while France holds 2,437 tonnes.
Global Central Banks Join Accumulation
China is not alone in its gold stockpiling. According to World Gold Council data, global central banks reported 39 tonnes of net purchases in August alone, following 23 tonnes in July.
Poland's central bank added 8 tonnes in August, bringing its 2026 purchases to nearly 100 tonnes and total reserves to approximately 648 tonnes. Uzbekistan also purchased 8 tonnes during August, while Kazakhstan added 7 tonnes.
Long-Term Outlook
A World Gold Council survey found that 84% of central banks expect gold to represent a larger share of global reserves over the next five years, suggesting broader confidence in the precious metal's role in reserve diversification.
