China's central bank said Saturday it added 830,000 ounces of bullion in October, roughly 25.8 metric tons. That kept its buying streak alive for a 24th month and brought year-to-date increases through October to about 129 metric tons.
The pace has picked up in recent months as prices retreated. The PBOC was also the biggest disclosed central-bank buyer in the third quarter, according to the World Gold Council.
Gold dropped nearly 7% in October and finished the month under the 4,000 dollars per ounce support mark. It hit a one-year low and logged its sharpest October slide since 2008.
Although prices firmed in the wake of this week's US midterm elections, gold remains more than 20% under its level at the start of the Iran war in late February. The World Gold Council reports official-sector buying totaled 321 tons over July through September, the heaviest quarterly tally since the final quarter of 2024. That steady central-bank demand has been a crucial prop in an otherwise soft market.
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Energy costs have pushed inflation higher and helped drive tighter monetary policy, which typically weighs on gold because it does not pay interest. In China, the central bank's stance shapes retail behavior too, with many households buying at about 4,000 dollars an ounce in October on the view that official purchases would underpin prices over time.
In plain English: central banks, led by the PBOC, are still buying while macro headwinds pressure bullion. If you track gold miners or hold the metal as a hedge, official-sector demand is a support to watch.
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