China's Central Bank Increases Gold Holdings for 20 Consecutive Months, June Purchases Hit 16-Month High
nashnova research
The PBOC added 480,000 troy ounces of gold in June — the largest single-month purchase in 16 months — extending its buying streak to 20 months as it doubled down while spot gold fell nearly 27% from its 2026 peak.
How big was June's purchase?
China's official gold reserves reached 75.44 million troy ounces as of June 2026, up 480,000 ounces from the prior month — roughly double recent monthly additions.
This means → the PBOC wasn't topping up routinely; it actively scaled up at a price dip.
Spot gold fell as low as $3,942 in June, down nearly 27% from the 2026 peak of $5,405. The central bank chose that trough to double its buying pace.
Is there a pattern to the PBOC's buying rhythm?
The 20-month streak was not steady. From November 2024 to February 2025, the PBOC built positions aggressively at roughly 160,000 ounces per month.
As gold surged from $2,600 to above $5,300 through early 2026, the pace slowed — some months saw only 30,000 ounces added.
Once gold weakened in March 2026, monthly additions climbed: 160,000 → 260,000 → 320,000 → 480,000 ounces from March through June.
In plain terms = buy more when gold drops, buy less when it spikes. Research estimates the correlation between PBOC purchases and gold prices at −0.751.
What has the accumulated position earned on paper?
Since November 2024 the PBOC has added roughly 2.48 million ounces. The value of China's gold holdings rose from $193.4 billion to $303.7 billion — a gain exceeding $110 billion.
This means → most of the gain came from rising international gold prices, not from the volume purchased alone.
Over the same period, China's total foreign-exchange reserves grew from $3.27 trillion to $3.42 trillion — an increase of about $150 billion. Gold appreciation accounted for the bulk of that gain.
Where does China's gold share stand globally?
Gold made up roughly 9% of China's official reserves as of end-June — far below the global average of 27%.
The US, Germany, and France each hold gold above 50% of reserves; India has reached 17%.
In plain terms = China's gold share is about one-third of the global average. If the PBOC continues closing that gap, the runway for further buying remains substantial.
Are other central banks buying too?
Global central banks purchased a net 244 tonnes of gold in Q1 2026, up 17% quarter-on-quarter. May alone saw net buying of 41 tonnes, a recent high.
A World Gold Council survey found that 45% of responding central banks plan to increase gold holdings over the next year.
This reflects a broader trend: gold accumulation is not a China-only story. The gap between China's share and the global average remains the key benchmark the market watches when gauging the PBOC's future buying pace.
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