(Kitco News) – China's central bank added to its gold reserves for the eleventh straight month in September, the People's Bank of China (PBOC) announced on Tuesday.
China's gold reserves rose to 74.06 million troy ounces at the end of September, up from 74.02 million ounces at the end of August.
The PBOC said the country's gold reserves were valued at $283.29 billion at the end of last month, up from $253.84 billion at the end of August.
"A strong figure would reinforce the idea that China is keen to de-dollarize and accelerate its actions in that space," independent precious metals analyst Ross Norman told Reuters.
"Further purchases, even modest ones, will be seen domestically as positive for a price-sensitive market," he added. "It may narrow the significant discounts at Loco Shanghai. It will give investors, ETF buyers, and institutions confidence that gold will continue rising."
Gold has gained over 52% year-to-date in 2025, fueled by the escalating political and economic uncertainty surrounding U.S. tariffs, geopolitical conflicts, expectations of interest rate cuts, a weakening dollar, and strong central bank buying.
In May 2024, the PBOC paused its gold purchases after an 18-month-long gold buying spree, but the central bank resumed purchases in November of last year.
