[REVISION HISTORY]

Gold prices fluctuate amid record central bank accumulation

Updated 29 times since CLSTR started tracking revisions of this situation.

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2026-10-24 09:58 UTC → 2026-10-25 08:45 UTC · added ~~removed~~

Gold prices have recently tested the $4,400 level. While speculative trading reacts to short-term factors, analysts suggest gold serves as a ‘waiting-room allocation’ during political uncertainty. Central bank activity remains a primary driver. China has significantly accelerated its accumulation, adding 80 tonnes in 2026 to reach a record 2,387 tonnes. The People’s Bank of China (PBOC) extended its purchasing streak to 23 consecutive months through September 2026, adding approximately 23 tonnes that month—its largest monthly increase in nearly three years. This brings China’s total holdings to roughly 2,410 tonnes, with gold accounting for 8.5 percent of its official reserves, up from 5.5 percent at the end of 2024. Analysts suggest this strategy aims to reduce dependence on US dollar-denominated assets and mitigate geopolitical risks, such as the freezing of Russian foreign exchange reserves. Additionally, domestic demand is rising among Chinese households seeking stable wealth amid property market volatility. China is also aggressively divesting from US debt; holdings fell to $618 billion in July, an 18-year low. Furthermore, China’s gold imports reached 1,141 tons through August 2026, a 72 percent increase over the previous year. Some observers suggest actual state-held gold could reach 4,700 tonnes if undisclosed reserves are included. To support the internationalization of the yuan, China is expanding gold storage and delivery infrastructure in Hong Kong, with plans to increase Shanghai-linked capacity from 150 tons to over 2,000 tons within three years. This aims to facilitate physical gold transactions denominated in yuan. Other notable accumulators include Poland, Turkey, and Hungary, while Russia and Kazakhstan have reported net sales. Russia is reportedly selling gold to address budget deficits, with approximately 100 tons reaching Hong Kong between January and July 2026. ~~To mitigate geopolitical and legal risks, European nations are increasingly relocating~~ Kazakhstan also plans to cap gold at 75 percent of its total foreign exchange reserves ~~from North American custody to hubs like London.~~ by year-end.

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