China’s official gold reserves increased to 74.19 million troy ounces at the end of January 2026, up slightly from 74.15 million troy ounces in December 2025.
The value of China’s gold reserves surged to $369.58 billion at the end of January, compared with $319.45 billion in December, reflecting the strong rally in gold prices at the start of the year.
While the increase in holdings was marginal, the sharp rise in value underscores the impact of higher prices, as China continues to steadily add to its gold reserves.
However, market consensus suggests that the officially reported figures may understate the true scale of Beijing’s gold accumulation. Independent estimates, including those from the World Gold Council, indicate that China’s actual gold holdings could be double the reported levels.
Regardless of the precise numbers, the data clearly highlight a broader market trend: central bank gold buying has continued to accelerate over the past two years.
Amid growing fiscal concerns in major economies and the ongoing de-dollarization push, this driver is expected to remain active as central banks maintain their appetite for gold.
Despite a sharp pullback over the past week, gold prices remain nearly 15% higher year-to-date. Early selling in Asian markets was met with strong dip-buying interest, with gold ending the session nearly 4% higher at $4,964 per ounce.
The next major test for gold bulls remains a decisive break above the $5,000 per ounce level. Prices approached $5,100 last week but failed to hold above that level, with the daily close slipping back below the psychological threshold.
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