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5d ago

China Extends Gold Buying Streak to 15 Months as Reserve Value Jumps on Price Swings

The latest PBOC report shows a marginal rise in ounces, with the dollar value inflated by January’s extreme moves in gold.

Customers look at gold jewellery and ornaments at a jewellery store, in Hong Kong, China, February 3, 2026. REUTERS/Tyrone Siu

Overview

  • Official PBOC data show holdings at 74.19 million fine troy ounces at end-January, up from 74.15 million in December.
  • The reported value of China’s gold reserves rose to $369.58 billion from $319.45 billion month over month, reflecting price-driven gains.
  • Gold prices surged to near $5,600 an ounce in January, then dropped to $4,403.24 after Kevin Warsh’s Fed nomination, and were last near $4,960.
  • China’s 2025 gold consumption fell 3.75% to 950 metric tons, while purchases of bars and coins jumped 35.14% and made up more than half of demand.
  • Some analysts and market commentators say official tallies may understate China’s holdings, and JPMorgan projects gold at $6,300 by end-2026 and $6,600 in 2027.