China’s central bank continued adding to its gold reserves in January, marking the 15th consecutive month of increases as global economic uncertainties persist. The People’s Bank of China (PBOC) has steadily built its holdings of the precious metal, currently valued at $369.58 billion, signaling a continued interest in gold as a strategic asset adn store of value. This ongoing accumulation comes as gold prices experienced volatility in January, influenced by factors including U.S. monetary policy and investor demand.
China’s central bank continued its gold accumulation streak in January, marking the 15th consecutive month of increases to its reserves, according to data released by the People’s Bank of China (PBOC). The move underscores the country’s continued interest in the precious metal as a store of value.
The PBOC reported its gold reserves rose to 74.19 million troy ounces of fine gold as of the end of January, a slight increase from 74.15 million troy ounces at the end of December. This represents an addition of approximately 40,000 troy ounces, or 1,244 kilograms, during the month.
The value of China’s gold reserves increased to $369.58 billion at the end of January, up from $319.45 billion at the end of December, PBOC data shows. This valuation reflects a period of significant price movement in the gold market.
Gold, traditionally viewed as a safe-haven asset during times of political and economic uncertainty, experienced a surge in speculative buying in January, briefly reaching a record high of nearly $2,300 per troy ounce.
That rally quickly reversed following the nomination of Kevin Warsh as the next chair of the U.S. Federal Reserve at the end of January, with prices falling to $2,048.24 per troy ounce on Monday. However, the precious metal has since rebounded, and gold is currently trading around $2,200 per troy ounce. The price swings highlight the sensitivity of the gold market to shifts in U.S. monetary policy.
Despite the global market fluctuations, gold consumption in China declined for the second consecutive year in 2025, falling 3.75% to 950 metric tons, according to the China Gold Association, a state-backed industry group.
However, purchases of gold bars and coins – reflecting demand for safe-haven assets – increased for the second year in a row, rising 35.14% in 2025 and now accounting for more than half of China’s total gold consumption. This trend suggests a shift in investor preferences within the country.
The PBOC paused an 18-month buying spree in May 2024, but resumed acquisitions six months later, signaling a continued commitment to diversifying its reserves.
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