China is now the fifth largest gold holder globally after the United States, Germany, Italy and France, according to data analysed by the Kobeissi Letter.
It added that the country has upped its gold purchases month on month this year and is on track to beat France and Italy to take third spot as largest gold holder as early as sometime in 2026.
According to the platform, till September 2026, China has officially acquired over 103 tonnes of gold, raising total holdings to a record 2,410 tonnes. This includes the more than 23 tonnes of gold officially bought by China’s central bank in September. Notably, this marks its 23rd consecutive monthly gold purchase and is its largest monthly purchase since September 2023, it added.
China is aggressively buying the dip in gold, the platform said in a post on social media site X (formerly known as Twitter), It noted that in July and August 2026 too, the People’s Bank of China (PBC) purchased over 20 tonnes of gold each month, it added.
If the buying trend continues, China which now holds a record 2,410 tonnes of gold, is poised to surpass both France (holds 2,437 tonnes of gold — gap of 27 tonnes) and Italy (2,452 tonnes — gap of 42 tonnes), by 2026-end, The Kobeissi Letter added.