China extends gold buying streak to 24 months as prices slump below $4,000

China's central bank has continued its streak of purchasing gold for 24 consecutive months in October, adding 830,000 troy ounces, or approximately 25.8 metric tons, to its reserves. This brings the total purchased in the first 10 months of 2026 to around 129 tons. The latest acquisition comes as gold prices have plummeted almost 7% in October, dropping below $4,000 an ounce following a one-year low.

This marks the steepest decline in gold prices since 2008. Despite the price slump, China's central bank remains the largest officially disclosed buyer, highlighting the sustained interest in accumulating the precious metal during a period of market volatility and rising inflationary pressures.

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