China’s central bank extends gold-buying streak to 15th month

China’s central bank extended its gold-buying streak for a 15th consecutive month in January, according to data released Saturday by the People’s Bank of China and reported by Reuters.

China’s gold reserves rose to 74.19 million fine troy ounces at the end of January, up from 74.15 million ounces a month earlier. The value of the country’s gold holdings climbed to $369.58 billion from $319.45 billion in December, the central bank said.

Gold, widely viewed as a safe-haven asset against political and economic risks, surged in a speculative buying spree in January, reaching a record high near $5,600 an ounce. Prices later retreated sharply following the nomination of Kevin Warsh as the next chair of the U.S. Federal Reserve at the end of the month, falling as low as $4,403.24 an ounce on Monday, Reuters reported.

Gold was trading at about $4,960 an ounce.

China’s gold consumption declined for a second straight year in 2025, falling 3.75% to 950 metric tons, according to the state-backed China Gold Association. However, demand for gold bars and coins — a measure of safe-haven buying — rose 35.14% for the year and accounted for more than half of total consumption.

The People’s Bank of China had paused an 18-month gold-buying run in May 2024 but resumed purchases six months later.