China’s gold reserves reached 78.30 million ounces at the end of October, up 830,000 troy ounces, or about 25.8 metric tons, from September. The People’s Bank of China extended its purchasing streak to 24 consecutive months, with acquisitions during the first 10 months of 2026 totaling approximately 129 tons. The latest buying came as gold fell almost 7% in October, ended the month below $4,000 an ounce and touched a one-year low. The central bank was the largest publicly disclosed official buyer in the third quarter, while central banks globally reported net purchases of 321 tons, the strongest quarterly total since the fourth quarter of 2024. Gold has recovered some ground after this week’s U.S. midterm elections but remains more than 20% below levels recorded when the Iran war began in late February. Higher energy costs linked to the conflict have added to inflationary pressure and supported tighter monetary policy, which tends to weigh on non-yielding gold. Continued official buying has also encouraged Chinese household demand, with retail buyers purchasing bullion near $4,000 an ounce in October.