Goldman Sachs: China added 15 tones to gold reserves in September

Goldman Sachs estimates that China added nearly 15 tons to its gold reserves in September.

Goldman Sachs estimates that China added nearly 15 tons to its gold reserves in September, accelerating its purchases of the precious metal.

The estimate contrasts with China’s official reported purchases for September, which amounted to just 1.24 tons.

The bank also said global central banks bought 64 tons of gold in September, roughly three times the amount purchased the previous month, and suggested the buying trend could continue into November.

Goldman Sachs expects average monthly central bank gold purchases to reach 80 tons through the fourth quarter of 2026, as banks diversify reserves to hedge against geopolitical risks.

The bank forecasts gold prices could reach $4,900 an ounce by the end of next year, supported by ongoing central bank buying and private-sector inflows amid Federal Reserve policy.

Central bank purchases have helped push gold prices to record levels this year, peaking above $4,380 an ounce in October before easing in recent weeks.