China adds 830,000 ounces of gold in October, extending buying streak

China’s central bank added 830,000 ounces of gold to its reserves in October, extending its buying streak to 24 consecutive months, Bloomberg reported, citing official data released Saturday. The addition was about 25.8 metric tons, and came as gold prices fell almost 7% during the month, ending below $4,000 an ounce, according to Bloomberg.

The People’s Bank of China’s bullion holdings rose to 78.30 million ounces in October from 77.47 million ounces in September, CaptainAltcoin reported based on the reserve data. The outlet described the increase as China’s largest monthly addition since September 2023. Bloomberg also reported that purchases during the first 10 months of the year totaled about 129 metric tons.

The continued buying came during a month when gold prices weakened. Bloomberg said the metal ended October below the $4,000-an-ounce support threshold, while CaptainAltCoin reported that prices briefly dropped below $4,000 during the month. Both outlets linked the reserve increase with a period of falling prices; neither attributed a stated motive for the central bank’s purchases.

China was also a major buyer in a wider wave of central-bank accumulation, according to CaptainAltCoin. The outlet reported that central banks bought a net 321 metric tons in the third quarter, their strongest quarterly total since late 2024. China was the largest disclosed buyer in that period, adding roughly 63 metric tons, CaptainAltCoin said.

Bloomberg reported that China has stepped up purchases in recent months as gold prices slumped. The October increase continues a two-year pattern of monthly additions, even as the market saw a substantial decline over the month. CaptainAltCoin characterized the latest addition as a notable increase compared with recent months, while Bloomberg’s reporting emphasized the uninterrupted 24-month streak.