China to double its official gold purchases

China is buying twice as much gold as it discloses through its official channels, according to an analysis by Goldman Sachs cited by the portal Banca y Negocios on September 25, 2026. The gap suggests that Beijing is strengthening its monetary reserves at a faster pace than public records reflect.

To track these transactions, the investment bank monitors the metal moving through London's over-the-counter market en route to local custodians or domestic vaults. Through this tracking, the financial institution found that the Asian giant absorbed a large volume of precious metal in July, leading global central bank purchases for that period.

The increase in institutional reserves is part of a global buying trend, led by several economies, that has moved well above historical averages seen in earlier years. The dynamic reflects stronger physical demand for safe-haven assets from emerging powers seeking to diversify their international reserves.

The divergence between institutional reports and private estimates highlights the limits of official channels in accurately measuring global flows of precious metals. Goldman Sachs projects that the price of an ounce of gold will remain elevated toward year-end, given the persistence of this underlying demand.