China’s central bank has bought gold for 23 straight months, and the country is importing more of the precious metal than ever.

That buying spree reflects Beijing’s push to cut its dependence on the dollar, and Chinese households’ lack of safe alternatives, with analysts expecting sustained demand for the bullion in a struggling economy.

The People’s Bank of China added about 23 tonnes in September, its biggest monthly purchase in almost three years, according to State Administration of Foreign Exchange data, extending the longest purchasing streak since at least 2015.

Chinese households and companies are turning to gold as a safe haven. The country spent a record $158.8 billion, importing more than 1,000 tonnes in the first eight months of 2026, customs data show. That exceeds the $96.5 billion and 886 tonnes imported in all of 2025.

Consumer gold imports in China hit a record in the first eight months of this year, according to Aakash Doshi, head of gold strategy at State Street Investment Management. The surging premiums in China’s onshore prices indicate “stronger winter seasonal demand,” Doshi said.

The accumulation of the metal comes as gold prices have fallen. They pulled back more than 8% in September to about $4,176 an ounce, after in January hitting a record above $5,500.

Doshi forecasts gold prices to rise to $4,750 to $5,500 per troy ounce by the end of the first quarter in 2027, buoyed by robust demand.

Why China is buying

The PBOC’s main motive is political, according to Carsten Menke, an analyst at Julius Baer Group, pointing to “the weaponization of the U.S. dollar and the related desire to be less dependent on U.S. Treasuries as a reserve asset.”

Western governments froze Russia’s central bank assets after its 2022 invasion of Ukraine, underscoring how foreign-held reserves can be restricted at times of geopolitical friction, while gold in a country’s own vaults remains insulated.

China has offloaded holdings of Treasurys, which reached an 18-year low of $618 billion in July, according to U.S. Treasury data, as Beijing continued to diversify its foreign-exchange reserves.

Chinese demand is also being fueled by gold’s reputation as a safe haven. Consumers in the country, nervous about the shaky economy, are loading up on gold jewelry, bars and coins.

Domestic investors have few alternatives with the real estate market, once the main store of household wealth, locked in a multiyear slump. The benchmark CSI 300 index is down around 8% this year, versus the S&P 500′s 13% gain. Returns from bank deposits and bonds have declined amid tepid borrowing demand. China’s one-year government bond yield fell to around 1.2%, against about 4.46% in the U.S.

“The opportunity cost of holding gold is also much lower in China than in many Western markets,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Adding to the momentum of the unprecedented buying is Beijing’s plan to build a deeper domestic gold market, prompting it to replenish inventories, said Menke. He estimated that the central bank bought around 190 tonnes this year by end-August, including 110 tonnes that were unreported.

Gold cushion

China’s demand for gold has helped bullion withstand pressures that would have caused a deeper fall in prices, as buoyant U.S. yields kept a lid on demand for the non-yielding precious metal. The price of gold usually goes down when interest rates go up.

“Chinese buying has become an important source of structural support for gold prices,” Ewa Manthey, commodities strategist at ING Bank. Central banks buy for the long term and are far less sensitive to price than retail investors, Manthey added.

Echoing that view, Carsten pointed out that gold prices have stayed above their levels in summer, even though interest rate expectations and bond yields have risen more sharply. The Federal Reserve has indicated another interest rate hike on the cards for 2026.

The world’s fifth-largest gold holder owned 2,387 tonnes as of August, according to the World Gold Council, less than a third of the that held by the U.S.

Any renewed confidence in China’s property and equities could blunt demand for gold, as well as a weaker yuan that makes gold pricier at home or higher interest rates that make deposits more attractive, Hansen said.

The larger shift would come if central banks lost interest in diversifying reserves and geopolitical tensions eased, Hansen said, adding that “neither appears particularly imminent.”

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Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

U.S. President Donald Trump is considering wading into another conflict, as Iran-backed Houthis target Saudi Arabia.

Investors are looking ahead to the earnings season with U.S. big banks set to report results Tuesday, with focus also on the International Monetary Fund and World Bank’s annual meetings, which could offer clues to the global financial outlook.

What you need to know today

The Middle East conflict continues to heat up after a deadly attack on Riyadh’s main airport by Tehran-backed Houthis in Yemen. This development could also draw the U.S. deeper into the regional conflict.

U.S. President Donald Trump said he was considering joining Saudi Arabia in its retaliation against the Houthis. The kingdom requested “urgent defense support” from the U.S. following the attacks, two Saudi Arabian government officials told MS NOW.

“We may [back Saudi]. We’re going to look at it,” Trump told reporters.

That could further complicate the possibility of a lasting resolution to the end of the Mideast war. On Saturday, Russian state media reported that President Vladimir Putin conveyed Tehran’s message for a possible end to the war in Iran to Trump.

Over in Europe, traders are keeping a close watch on the Ukraine conflict, with Trump declaring an “energy ceasefire” between Russia and Ukraine — but it’s unclear whether either side has agreed to a truce. The two countries have been trading blows on energy infrastructure. While there have been ceasefires between the two nations since Russia invaded Ukraine in 2022, they have been difficult to hold.

Further, Ukrainian President Volodymyr Zelenskyy has also reportedly pushed back on Trump’s call for a new president in Ukraine, stating that only Russia was responsible for the war in his country. His response came after Trump blamed him for high diesel prices.

Moving over to the financial markets: futures for the S&P 500 were little changed, as investors look forward to a busy week with major banks including Bank of America, Citigroup, Goldman Sachs set to kick off the earnings season. Nasdaq 100 futures rose 0.24%. Dow Jones Industrial Average futures were flat.

Meanwhile, the International Monetary Fund and the World Bank kick off their annual meetings in Bangkok, Thailand on Monday, drawing thousands, including finance ministers, central bankers, business leaders and asset managers, for a week of talks on the global economy and the strength of the world’s financial system.

CNBC will be on the ground at the Queen Sirikit National Convention Center, with interviews with Thai Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas on Monday; Kattiya Indaravijara, CEO of Kasikornbank, one of Thailand’s largest lenders on Tuesday; and many more to come throughout the week.

The IMF is set to release its World Economic Outlook and Global Financial Stability Report on Tuesday as part of the annual meetings. Investors will also be watching closely for a conversation featuring Federal Reserve Chair Kevin Warsh on Friday.

— CNBC’s Anniek Bao also contributed to this newsletter.

And finally…

Pokémon card values are soaring. What collectors should know before buying or selling

The record $16.5 million Pokémon card sale is drawing fresh attention to a collectibles market where grading, scarcity and authentication can determine whether a card is worth dollars or hundreds of thousands.

“It is one of our fastest-growing categories that we’ve seen and one of the largest contributors to [our] growth over the last number of quarters,” said Adam Ireland, vice president and general manager of collectibles at online marketplace eBay, which also provides authentication and price guides for TCGs and non-sports cards.

“From an investment point of view, you start with Pokémon,” he said. “It was the most searchable term within the eBay collectibles environment through the first half of the year.”

— Bob Woods

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