China Extends Gold Buying Streak to 15th Month as Prices Climb

China continued to add to its gold reserves in January, extending a steady accumulation streak even as global prices surged, according to official data released over the weekend.

Figures from the State Administration of Foreign Exchange show that China’s gold reserves rose to 74.19 million ounces at the end of January, up 40,000 ounces from the previous month. The increase marks the country’s 15th consecutive month of net purchases.

While the monthly addition is modest, analysts say the persistence of buying is significant. The central bank resumed gold purchases in November 2024, and holdings have risen by a net 860,000 ounces so far in 2025, according to official disclosures.

Wang Qing, chief macroeconomic analyst at Orient Golden Credit Rating, said the continued accumulation despite record-high prices suggests Beijing is focused on improving the structure of its foreign exchange reserves rather than short-term market timing. Gold currently accounts for about 9.7 per cent of China’s official reserves, below the global average of around 15 per cent, he noted.

The World Gold Council has echoed that view, saying in a recent report that China may have adjusted the pace of purchases as prices rose but remains committed to diversification as its overall reserves expand.

China’s sustained buying underscores gold’s appeal as a reserve asset amid geopolitical uncertainty, offering diversification that is less exposed to foreign policy risks. While individual monthly increases remain small, the length of the buying streak suggests the strategy has become a matter of policy rather than opportunism.

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