China’s central bank has purchased gold for 23 consecutive months, adding approximately 23 tonnes in September in its largest monthly purchase in nearly three years.

The buying spree reflects Beijing’s efforts to reduce reliance on the U.S. dollar, while Chinese households and businesses increasingly turn to gold as a safe-haven investment amid economic uncertainty.

China imported a record $158.8 billion worth of gold, totaling more than 1,000 tonnes, during the first eight months of 2026, surpassing the full-year 2025 total of $96.5 billion and 886 tonnes.

The increased demand comes despite gold prices falling more than 8% in September to approximately $4,176 per ounce, following a record high above $5,500 in January, CNBC has reported.

State Street Investment Management’s head of gold strategy, Aakash Doshi, expects strong demand to support prices and forecasts gold could reach between $4,750 and $5,500 per troy ounce by the end of the first quarter of 2027.