China’s central bank has purchased gold for 23 consecutive months, importing a record 158.8 billion dollars worth of over 1,000 tonnes during the first eight months of 2026, surpassing the 96.5 billion dollars and 886 tonnes imported throughout all of 2025. This accumulation reflects Beijing’s push to reduce its dependence on the U.S. dollar, whose economic weaponization was demonstrated by the freezing of Russian central bank assets after the 2022 invasion of Ukraine, as well as Chinese households’ search for safe havens amid a struggling economy where real estate and equities are declining. This structural demand provides significant support for gold prices, which analysts at ING Bank and State Street forecast will rise to between 4,750 and 5,500 dollars per ounce by the end of the first quarter of 2027.
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