People's Bank of China Expands Gold Reserves by Up to 23 Tonnes in September

The People's Bank of China extended its gold accumulation streak to 23 consecutive months in September, purchasing 21 to 23 tonnes (740,000 ounces) in its largest monthly addition since late 2023. The acquisition lifted China's total holdings to 77.47 million troy ounces (2,196 tonnes) and cumulative 2026 purchases to approximately 103 tonnes. Despite the physical expansion, the dollar value of China's gold reserves dropped from $350.08 billion to $323.52 billion as gold prices slid 6.57% to $4,157.14 per ounce, while overall foreign exchange reserves fell 1.11% to $3.4 trillion.