China Purchases Gold on Price Dip as ETF Holdings Reach Record and Holiday Demand Boosts Q4 Outlook – WGC

China’s central bank bought 23 tonnes of gold in September, lifting reserves to 2,410 tonnes and extending its buying streak to 23 months. Quarterly purchases reached 63 tonnes, the strongest since Q3 2023.

Chinese gold ETFs recorded 11 tonnes of inflows in September, pushing total holdings to a record 304 tonnes. The quarter brought $3.9 billion in new money, raising assets under management by 13%.

Gold prices dropped 8.5% in USD terms during the month yet posted a 3% gain in RMB for the quarter. Wholesale demand rose to 92 tonnes in September on holiday restocking, though it remained below prior-year levels. WGC’s Ray Jia highlighted that geopolitical tensions and Fed policy expectations will drive near-term moves.