China's record gold imports driven by central bank and household demand
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China's central bank and households are driving record gold demand as Beijing cuts dollar dependence and citizens seek safe investments amid a struggling economy. The People's Bank of China added 23 tonnes in September, its largest monthly purchase in nearly three years, extending a 23-month streak. China spent a record $158.8 billion importing over 1,000 tonnes in the first eight months of 2026, surpassing the $96.5 billion and 886 tonnes recorded across all of 2025. Gold prices pulled back over 8% in September to approximately $4,176 an ounce following a record high above $5,500 in January, with State Street Investment Management forecasting prices to reach $4,750 to $5,500 per troy ounce by the end of the first quarter of 2027.
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