FINANCE

China Keeps Buying Gold Despite Record Prices

Published: Feb. 9, 2026 5:21 p.m. GMT+8

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China extended its gold-buying streak to a 15th consecutive month in January, continuing to add to its bullion reserves even as prices surged to record levels.

Data released Saturday by the State Administration of Foreign Exchange (SAFE) showed China added 40,000 ounces of gold during the month, lifting total holdings to 74.19 million ounces.

Since August, China has kept monthly gold purchases below 50,000 ounces, indicating a steady but cautious accumulation pace.

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China added 40,000 ounces of gold in January 2024, raising its reserves to 74.19 million ounces, marking 15 consecutive months of buying.
China’s foreign exchange reserves grew by 1.2% to nearly $3.4 trillion in January, a sixth consecutive monthly rise.
Gold prices surged about 12.5% in January, briefly nearing $5,600 per ounce before declining.

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What Happened When

After August 2025：: China has kept monthly gold purchases below 50,000 ounces, indicating a steady but cautious accumulation pace.

January 2026：: China extended its gold-buying streak to a 15th consecutive month, continuing to add to its bullion reserves amid record gold prices.

January 2026：: Spot gold prices rose about 12.5% for the month after briefly approaching $5,600 per ounce before retreating.

End of January 2026：: China’s foreign exchange reserves rose by 1.2% month-on-month to nearly $3.4 trillion, marking a sixth consecutive monthly increase.

February 7, 2026：: The State Administration of Foreign Exchange (SAFE) released data showing China added 40,000 ounces of gold in January 2026, lifting total holdings to 74.19 million ounces.

AI generated, for reference only