China Buys Over 1,000 Tons of Gold as Imports Hit Record $158.8B

China's central bank bought 23 tons of gold bullion in September, its biggest single addition in almost three years, according to a CNBC report cited by CNN Indonesia. The purchase extends an unbroken 23-month accumulation streak that has pushed total buying past 1,000 tons, the longest run of consecutive monthly purchases since at least 2015.

Customs figures show the scale of the influx: China spent a record US$158.8 billion, equivalent to Rp2,843 trillion, importing more than 1,000 tons of gold in the first eight months of 2026. That already exceeds the US$96.5 billion (Rp1,728 trillion) spent on 886 tons during all of 2025.

The buying has been framed as an effort by Beijing to reduce its dependence on the US dollar and to address a shortage of safe investment alternatives at home. With the domestic economy sluggish, households and companies have also turned to gold as a hedge, CNN Indonesia reported, citing CNBC.

Aakash Doshi, chief gold strategist at State Street Investment Management, said consumer-driven gold imports in China hit a record high over the first eight months of the year. A surge in the premium on domestic Chinese gold prices points to stronger seasonal demand during the winter months, Doshi said, according to the report.

The accumulation is taking place against a falling gold price. Bullion dropped more than 8 percent in September to around US$4,176 an ounce, after touching a record above US$5,500 in January. It remains to be seen whether China's central bank sustains the pace of purchases in the months ahead.