China Boosts Gold Reserves for Second Year
Central banks in China, Czech Republic, Uzbekistan and Poland added gold to official reserves in October 2026.
Updated on Nov. 10, 2026 in Inflation
China bought 26 tonnes of gold in October 2026, raising its official holdings to 2,435 tonnes, according to the World Gold Council's calculations from quarterly demand data. Central banks in the Czech Republic, Uzbekistan and Poland also made purchases that month.
Why it matters
Central banks used lower gold prices to add to their official reserves, and analysts expect demand to remain firm in the fourth quarter. The buying could provide some price support and stability for gold markets.
China's 26-tonne October purchase and the 321 tonnes central banks bought in Q3 2026 are drawn from World Gold Council quarterly demand data. Whether the October pace will persist after the fourth quarter has not been established.
The players
World Gold Council
The World Gold Council is the market development organization for the gold industry, which compiles quarterly data on central bank gold demand.
National Bank of Poland
The National Bank of Poland is the central bank of Poland, responsible for the country's monetary policy and official reserves.
The details
Krishan Gopaul published the October purchase figures on social media, highlighting the buying by China, the Czech National Bank, the Central Bank of the Republic of Uzbekistan and the National Bank of Poland. The Czech central bank bought 2.5 tonnes, bringing its total to 90 tonnes, while Uzbekistan bought 7 tonnes, with 63 tonnes of year-to-date net purchases and 453 tonnes in total holdings.
Timeline
Summer 2026: central banks carried out a busy summer of gold buying.
Q3 2026: central banks purchased 321 tonnes of gold.
October 2026: China, the Czech Republic, Uzbekistan and Poland made gold purchases.
Shortly before November 10, 2026: the National Bank of Poland announced it had reached its 700-tonne reserve target.
Market Dynamics
The October buying extends the central bank accumulation trend captured in World Gold Council quarterly demand data, with Q3 2026 purchases totaling 321 tonnes. Central banks are using lower gold prices to strengthen official reserves rather than waiting for a price rebound.
For households, central bank gold buying does not directly change retail prices, but it can affect the price of gold-linked savings and jewelry. Shoppers and savers may see steadier gold prices if the purchases continue to provide support.
The takeaway
Central bank gold purchases can signal where official institutions see value in reserves, and tracking quarterly demand data can help readers understand shifts in gold markets over time. Watching whether buying holds at October's pace will show whether the trend is durable.
Further reading
For more on how reserve policy ties into price pressures, see Inflation.
