China Is Buying Record Gold. Could That Help Support Global Prices?

China Buys Record Gold as Safe Haven Amid Economic Weakness

China's central bank added about 23 tonnes in September, its largest monthly purchase in nearly three years, extending a purchasing streak. Consumer and institutional imports hit a record $158.8 billion in the first eight months of 2026, surpassing the full 2025 figure of $96.5 billion.

Gold prices have pulled back from January highs above $5,500 per ounce but remain supported by this demand. Analysts attribute the buying to diversification away from the U.S. dollar, reduced opportunity costs in China, and gold's role as a safe asset during property and stock market weakness.

Does this affect global gold prices? It supports structural demand that can cushion prices, though U.S. gold prices remain influenced by domestic yields and Fed policy.