Goldman Sachs: China added 15 tons of gold reserves in September.

Goldman Sachs Gold Purchase Report

Goldman Sachs announced that central banks have increased their gold purchases again after a seasonal slowdown during the summer months. Notably, China added approximately 15 tons of gold to its reserves in September.

Actual Purchase Figures and Analyses

According to the bank’s calculations, this amount is significantly higher compared to the 1.24 tons reported by China. The bank's analysts estimate that central banks worldwide purchased a total of 64 tons of gold in September, which represents a three-fold increase from the previous month.

Future of Gold Prices

Goldman Sachs indicates that there is a high likelihood for this purchasing trend to continue in November. It has been observed that the sharp increase in gold prices over the past three years has largely stemmed from central bank purchases. Gold prices reached a record high of $4,380 per ounce in October, though there has been a pullback in recent weeks.

Role of Central Banks

Analysts predict that central banks will continue to accumulate gold in the long term. In a statement made on Monday, it was noted, “The trend of central banks accumulating gold is expected to continue as a multi-year trend; this aims to diversify reserves against geopolitical and financial risks. We maintain our expectation of an average monthly central bank purchase of 80 tons from the fourth quarter through 2026.”

Future Expectations

Goldman Sachs expects that due to the Fed’s loose monetary policy and sustained interest from private investors, gold prices will reach $4,900 per ounce by the end of next year.