China Extends Gold Buying Streak to Record 19 Months

China added 10 tonnes of gold to its reserves in May, its largest monthly purchase since January 2025. The move follows an 8-tonne addition in April, marking the third consecutive month of increased gold buying. The latest purchase extends China’s gold accumulation streak to 19 straight months, the longest since at least 2015, when the central bank began publishing more regular reserve data. As a result, China’s official gold holdings have reached a record 2,331 tonnes, representing more than 9% of its foreign exchange reserves. This matters because sustained central bank demand can support gold prices and reflects efforts to diversify reserve assets. China has added 27 tonnes so far this year, making it the world’s third-largest central bank gold buyer after Poland and Uzbekistan. Continued purchases could further strengthen global demand for the metal.