Gold is climbing notably this morning, underscoring the potential for the precious metal to ratchet higher into year-end thanks to sustained buying from central banks and retail investors.
On the retail side, the total known ETF holdings of bullion are up this week, set to match the 12-week streak of gains posted through April 18, 2025.
That means the stockpile exceeds the peak touched just before the outbreak of the Iran war.
And central banks are backing up the truck as The Financial Times reports that China has spent a record sum importing more than 1,000 tonnes of gold this year as the central bank and local investors pour cash into bullion amid rising geopolitical tensions abroad and poor returns on local assets.
The world’s second-largest economy spent $158.8bn on gold in the first eight months of the year. That compared with spending of $96.5bn for all of 2025 on 886 tonnes of gold.
The jump comes after China reined in gold purchases last year during an intense rally that sent bullion prices soaring from about $2,625 a troy ounce at the start of 2025 to a peak of $5,595 in January.
There are signs that Chinese investors are increasing gold purchases as part of broader efforts to diversify their asse
