Jakarta, ThedailyID — China imported more than 1,000 tons of gold worth US$158.8 billion in the first eight months of 2026, as the country continued to expand its gold holdings amid economic uncertainty and efforts to reduce reliance on the US dollar.
According to CNBC, the People’s Bank of China added 23 tons of gold to its reserves in September. This marked the country’s largest monthly purchase in nearly three years.
China has now increased its gold reserves for 23 consecutive months. This marks its longest uninterrupted buying streak since at least 2015.
Beijing’s continued gold purchases reflect efforts to diversify its reserves away from the US dollar. Limited safe-haven investment options in China’s domestic market have also encouraged investors to turn to the precious metal.
Economic weakness has further strengthened gold’s appeal among Chinese households and businesses. Many have increasingly viewed the metal as a way to protect their wealth against financial uncertainty.
Customs data showed that China spent US$158.8 billion, equivalent to approximately Rp2.843 trillion, on gold imports during the first eight months of 2026. The figure surpassed the US$96.5 billion spent on 886 tons of gold throughout 2025.
Aakash Doshi, head of gold strategy at State Street Investment Management, said Chinese consumer gold imports reached a record high during the first eight months of 2026.
Doshi also pointed to rising domestic gold premiums as a sign of stronger seasonal demand ahead of winter.
China’s gold accumulation has continued despite a recent decline in international prices. Gold prices fell more than 8% in September to around US$4,176 per ounce, after reaching a record above US$5,500 in January.
The combination of central bank purchases, consumer demand, and economic uncertainty has kept gold central to China’s reserve diversification strategy.
