China Adds 830,000 Ounces of Gold in October as Its Reserves Reach 78.30 Million Ounces

China's official gold holdings rose to 78.30 million fine troy ounces at the end of October, up from 77.47 million a month earlier, according to reserve data published by the State Administration of Foreign Exchange (SAFE) on 7 November. The increase of 830,000 ounces is about 25.8 tonnes, by our conversion, and it is larger than September's addition of 740,000 ounces.

The buying came in a month when gold's price fell back. SAFE valued the holdings at $306.41 billion at the end of October, down from $323.52 billion, even though the central bank owned more metal. China Daily reported that October was the 24th month in a row of additions. For traders in Asia and beyond, that steady official demand is a quiet source of support underneath a volatile market.

What the official figures show

SAFE publishes China's reserve assets each month in a single table, in US dollars and in IMF special drawing rights. Gold is listed in two ways: the quantity in ounces and the dollar value at the end of the month. The quantity has risen in each of the last three months shown, from 76.73 million ounces at the end of August to 77.47 million in September and 78.30 million in October.

The value tells a different story because it follows the price. Dividing SAFE's value by its quantity gives about $4,176 an ounce at the end of September and about $3,913 at the end of October, a fall of roughly 6%. That matches the slide our own spot log recorded into the month's close, when gold-api.com showed $3,876.40 on 31 October.

Gold is still a small part of China's reserves. At $306.41 billion it made up about 8.1% of total official reserve assets of $3,777.56 billion. Foreign currency reserves, the much larger part, rose slightly to $3,405.18 billion from $3,400.25 billion.

Ounces and tonnes describe the same metal. One troy ounce is 31.1035 grams, so 78.30 million ounces comes to about 2,435 tonnes and October's addition to about 25.8 tonnes. News reports often round these differently, which is why you may see slightly different tonnage figures for the same SAFE release. SAFE also states every reserve item in special drawing rights, the IMF's accounting unit; total reserves were 2,785.5 billion SDR at the end of October.

Why a central bank buys when prices fall

Central banks are not trading the next move. They buy gold to diversify reserves away from any one currency, and they often spread purchases over months so as not to push the price against themselves. A falling price lets them add more metal for the same money, which is one reason official buying tends to show up as support on dips rather than as a chase higher.

SAFE does not explain its purchases in the reserve table, and we found no official statement on the October addition, so we do not guess at the motive. What the data do show is consistency: an increase in every month on the table, and a bigger one in October, when prices were weaker.

For Asian traders, China's demand matters alongside India's, where gold is also a large household asset. Official purchases are announced only after the month ends, so they explain the market's floor in hindsight rather than predict tomorrow's price. They are a background force, not a trading signal.

What to watch next

Three dates matter for gold in the weeks ahead. US consumer prices for October arrive at 13:30 UTC today, and they will move Treasury yields and the dollar, the two forces that usually decide gold's direction from one day to the next. US producer prices follow on Friday 13 November. The Federal Reserve then decides on 9 December, with its target range at 3.75% to 4.00% and two officials having voted for a rise in October.

SAFE's next monthly reserve table, covering November, should follow in early December. A further increase would extend the run of additions; a pause would be news in its own right. Either way, compare the quantity line with the value line before drawing conclusions, because a move in the price can easily hide what the central bank did.

Gold levels to watch

Spot gold was $4,112.40 at 04:12 UTC on Tuesday, according to gold-api.com, about 6% above its 31 October low. These levels come from our daily spot log, which has one reading a day, so they are reference points rather than intraday highs and lows.

A hold above $4,045 would keep the recovery from the October low intact. A drop back under $4,000 would put the month-end low near $3,876 back in view. Our midterms report covers how the metal got back above $4,000.

What it means for traders

• Read central bank buying as a slow, steady support, not a reason to buy on a given day. The next SAFE reserve table comes out in early December.
• Watch US yields and the dollar first. Today's US inflation report at 13:30 UTC is the bigger short-term driver for gold; see our CPI preview.
• Remember the valuation effect. A rising quantity with a falling value means the price, not the buying, drove the dollar figure lower.
• Use our gold analysis for daily levels and the live price, and our gold affordability index for what gold costs in local incomes.

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Sources: State Administration of Foreign Exchange: Official Reserve Assets (2026) · State Administration of Foreign Exchange: reserve assets table, January to October 2026 · China Daily: China ramps up gold purchases (reported context) · gold-api.com: spot gold price