The People's Bank of China added 23 tonnes of gold to its reserves in September 2026, its largest monthly purchase since October 2023 and the twenty-third consecutive one, part of a strategy analysts describe as reducing reliance on dollar-denominated assets. The World Gold Council documented the figure in its October 15 update.
The purchase lifted reported holdings to roughly 2,410 tonnes, equivalent to 8.5 percent of total reserves, up from 5.5 percent at the close of 2024, according to Al Jazeera, which reported the central bank's figures. Thu Lan Nguyen, head of commodities research at Commerzbank, told the outlet that the purchases are part of a broader effort to make reserves more resilient, framing them as risk management amid rising geopolitical tensions. For Mexico, the relevant channel is the dollar: weaker central bank appetite for US debt hits a source of demand in the market where the peso trades, according to the outlet's own analysis.
The pace held up despite the price drop. The World Gold Council reports that China bought 63 tonnes in the third quarter, its best quarter since 2023, and 103 tonnes so far in 2026, while the London gold benchmark fell 8.5 percent in September. Chinese gold-backed exchange-traded funds added 11 tonnes that month and reached a record 304 tonnes. Household demand also grew: purchases of bars and coins rose 28.4 percent in the first half of 2026, according to the China Gold Association cited by Al Jazeera. Other central banks are buying at the same time: Poland acquired 31 tonnes in the first quarter and eight more in July.
The World Gold Council reported that purchases continued in the first days of October, so that month's reserve report is the next reference point for gauging whether the streak holds. Nguyen described the process as slow, gradual diversification, not an abandonment of the dollar.
This article was drafted with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.