According to the latest data from the People’s Bank of China, as of March 2026, China’s gold reserves reached 74.38 million ounces, which means a 17th consecutive month of increases; in March, the volume was increased by 160 thousand ounces ( about 5 tons ), which noticeably accelerated the pace compared with the previous cap of only 1–2 tons per month.

Judging from officially published data, since the People’s Bank resumed gold purchases in November 2024, there has been a process of rapid volume buildup, followed by a temporary slowdown and then a subsequent acceleration: at the end of 2024, the increase was 10 tons per month, then gradually fell to a range of 1–2 tons, and in March 2026 it rose again to approximately 5 tons.

Changes in the pace indicate the following: 1) the central bank did not stop buying gold, but only adjusted this process depending on market conditions; 2) in periods of gold price corrections, official authorities again act as counter-cyclical buyers.

Especially due to the conflict between the United States and Iran, in March the gold price fell sharply by 12% month-on-month due to liquidity pressure, marking the largest decline since 2008. First, some central banks in developing countries, such as Turkey, Poland, the Gulf countries, and others, at certain periods began selling gold to meet currency liquidity needs, address fiscal issues, or compensate for the sharp decline in national income caused by difficulties with oil exports. For example, within two weeks after the start of the hostilities, Turkey’s central bank, to stabilize the domestic exchange rate through gold sales and swap operations, used about 60 tons ( approximately US$8 billion ) of its gold reserves. However, in terms of structure, these sales were more tactical than strategic. Second, in the previous period, due to the strong rise in gold prices, large volumes of speculative capital entered the market; after the conflict began, pressure on risky assets increased sharply, and investors were forced to sell gold to maintain liquidity.