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It's getting around: China is acquiring much more gold than it reports
China's Secret Gold Purchases Boost Price by 40%
By Inma Bonet and Guillermo Abril
El Pais, Madrid
Monday, November 24, 2025
The price of gold is hitting record highs, and according to market experts, China is one of the main unseen players behind this unstoppable surge -- for some, the most prominent.
The precious metal has appreciated by more than 40% in 2025, reaching $4,380 per ounce in October, an absolute record -- although it has retreated in recent weeks -- amid a growing appetite among central banks to bolster their reserves with assets that are considered safe.
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Despite this being a global trend, several analysts point particularly strongly to Beijing. They agree that the Asian giant appears to be acquiring far greater volumes of gold than it publicly declares, and that this additional demand, which goes unreported, is acting as one of the determining factors in the biggest gold rally in decades.
Independent reports paint a very different picture than the one offered by the official statements of the People's Bank of China, the central bank. The discrepancies in the figures, echoed by advisers at various international investment banks, fuel widespread suspicion that a significant portion of Chinese purchases goes unreported, part of a strategy to protect itself against geopolitical risks and reduce its dependence on the U.S. dollar and assets at a time of increasing international fragmentation. ...
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