China's central bank has bought gold for 23 straight months, and the country is importing more of the precious metal than ever.
That buying spree reflects Beijing's push to cut its dependence on the dollar, and Chinese households' lack of safe alternatives, with analysts expecting sustained demand for the bullion in a struggling economy.
The People's Bank of China added about 23 tonnes in September, its biggest monthly purchase in almost three years, according to State Administration of Foreign Exchange data, extending the longest purchasing streak since at least 2015.
Chinese households and companies are turning to gold as a safe haven. The country spent a record $158.8 billion, importing more than 1,000 tonnes in the first eight months of 2026, customs data show. That exceeds the $96.5 billion and 886 tonnes imported in all of 2025.
Consumer gold imports in China hit a record in the first eight months of this year, according to Aakash Doshi, head of gold strategy at State Street Investment Management. The surging premiums in China's onshore prices indicate "stronger winter seasonal demand," Doshi said.