According to CNBC, China’s central bank has bought gold for 23 straight months, while the country imported a record amount of the metal as households and companies sought a safe haven and Beijing worked to reduce reliance on the U.S. dollar. The People’s Bank of China added about 23 tonnes in September, its biggest monthly purchase in almost three years, and customs data showed China spent a record $158.8 billion importing more than 1,000 tonnes in the first eight months of 2026, topping the $96.5 billion and 886 tonnes imported in all of 2025.

Aakash Doshi of State Street Investment Management said consumer gold imports in China hit a record in the first eight months of this year, while State Street’s gold strategy head forecast prices at $4,750 to $5,500 per troy ounce by the end of the first quarter in 2027. Analysts said the buying reflects geopolitical concerns, weak domestic investment alternatives and Beijing’s effort to build a deeper domestic gold market. Gold prices fell more than 8% in September to about $4,176 an ounce after reaching a record above $5,500 in January.