Overview
- Goldman Sachs estimates China purchased about 48 tonnes of gold in May 2026, roughly five times the roughly 10 tonnes the People’s Bank of China publicly reported for that month.
- China’s central bank reported small official increases of 9.95 tonnes in May and 14.93 tonnes in June, extending a run of monthly additions to 20 months and taking official reserves to about 2,347 tonnes at the end of June.
- Goldman’s note says much of the May buying flowed through London’s over‑the‑counter gold market, a venue that handles large trades and can obscure the identity of buyers.
- Markets view China’s buying as modestly supportive for gold even though prices fell about 16% in the second quarter of 2026, and prediction markets assign only low odds to extreme near‑term price moves.
- Analysts say the gap between official disclosures and market estimates raises questions about transparency, and investors will watch for further PBoC disclosures, Federal Reserve policy shifts, and geopolitical events that could change demand for gold.