China significantly increased its gold reserves in October, and added another major source of support to a market that just recorded its strongest week in months.
Official reserve data released on November 7 shows that China’s gold holdings increased from 77.47 million ounces in September to 78.30 million ounces in October.
That is an increase of 830,000 ounces, or roughly 25.8 tonnes, and extends China’s gold-buying streak to 24 consecutive months.
It was also China’s largest monthly addition since September 2023.
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China Bought More Gold Even as Prices Fell
The timing is particularly interesting.
Gold had a difficult October, falling nearly 7% during the month and briefly dropping below $4,000 per ounce.
Instead of slowing its purchases, the People’s Bank of China increased them.
China has now added approximately 129 tonnes of gold during the first 10 months of 2026. Its official reserves stand at around 2,435 tonnes based on the latest reported 78.3 million ounces.
The buying is also part of a broader central-bank trend.
Global central banks purchased a net 321 tonnes during the third quarter, the strongest quarter since late 2024. China was the largest disclosed buyer during that period, adding roughly 63 tonnes.
BREAKING: MASSIVE NEWS on #GOLD China added 830,000 oz (25.8 tonnes) to its Gold Reserves in October, 24 consecutive months of increase Highest amount of monthly increase since 9/2023 when PBOC added 840,000 oz of gold This large addition despite China shutdown for a week for National Day holiday In 2026 alone, 4,150,000 oz (129.1 tonnes) have been added to China’s official gold reserve which now stands at 78,300,000 oz (2435.4 tonnes) while reducing UST holding by $93.7B China has been actively reducing UST holding while adding gold reserves 1/2026 +40K oz Gold (Range $4332-5589) +$10.9B UST 2/2026 +30K oz Gold (Range $4400-5248) -$1.1B UST 3/2026 +160K oz Gold (Range $4100-5405) -$40.9B UST 4/2026 +260K oz Gold (Range $4561-4880) -$2.2B UST 5/2026 +320K oz Gold (Range. $4480-4730) +$8.2B UST 6/2026 +480K oz Gold (Range $4008-4519) -$25.9B UST 7/2026 +640K oz Gold (Range $3992-4168) -$15.4B UST 8/2026 +650K oz Gold (Range $4090-4698) -$27.3B UST 9/2026 +740K oz Gold (Range $4168-4540) 10/2026 +830K oz Gold (Range $3879-4217)
— David Lee (@DavidLe76335983) November 7, 2026
That creates a useful floor underneath the longer-term gold story even when speculative traders are selling.
Gold Just Had Its Best Week Since August
China’s reserve data comes after gold staged a powerful rebound this week.
Spot gold finished Friday around $4,074 per ounce, despite falling after stronger-than-expected U.S. payroll data pushed the dollar and Treasury yields higher.
Even with Friday’s decline, gold gained approximately 5.2% for the week, its strongest weekly performance since August.
The recovery accelerated after the U.S. midterm elections as the dollar weakened and Treasury yields initially moved lower.
Gold briefly pushed above $4,100 before Friday’s jobs report interrupted the rally.
That leaves the market in an interesting position.
The short-term macro picture is mixed, but one of the world’s largest central banks continues buying aggressively.
Read also: Analyst Warns Of Brutal Gold Price Drop To $3,300 As Concerning 50-Year-Old Pattern Returns
What Happens Next for Gold Price?
The first area to watch is around $4,000-$4,030.
Gold touched an intraday low near $4,033 on Friday before recovering, making that area an immediate test for buyers.
Holding above $4,000 would keep this week’s rebound intact and put the recent $4,100-$4,150 region back in play.
A break below $4,000 would increase the risk of another test of the October lows.
The biggest short-term obstacle remains U.S. monetary policy.
Friday’s strong payroll report pushed the market-implied probability of another December Fed rate increase to roughly 81%, sending both the dollar and Treasury yields higher.
China, however, appears to be looking beyond the next Fed meeting.
Its decision to add 25.8 tonnes during a month when gold was falling shows that the central bank’s accumulation strategy remains intact even during substantial price corrections.
For gold bulls, that may be one of the more important signals underneath this week’s 5% rebound.
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