Central Banks Add 63 Tonnes in September as ETF Stockpile Hits Record 4,256 Tonnes
Published on 10/15/2026 at 12:21 | Editorial boerse-global.de
Central banks bought roughly 63 tonnes of gold in September, according to preliminary World Gold Council calculations reported in the media, marking the strongest monthly haul since November 2024. The estimate, drawn from central bank and IMF data, is provisional rather than a final monthly tally — but it shifts attention back to the demand side of the market at a moment when monetary policy is doing its best to pull prices the other way.
China added to its official reserves for a 23rd straight month, lifting holdings by 740,000 ounces to 77.47 million ounces. The World Gold Council's October 6 report had already shown net official-sector purchases of 39 tonnes in August, led by China and followed by Uzbekistan and Poland.
Official institutions were not the only buyers. Physically backed gold ETFs worldwide took in 67.3 tonnes during September, worth close to USD 10 billion, pushing total holdings to a record 4,256 tonnes. Quarterly inflows reached USD 31 billion — a quarterly record. The World Gold Council flagged the USD 10 billion September figure on October 9.
Two Signals, One Market
The coexistence of heavy buying and falling prices is the defining feature of the current gold market. Gold closed yesterday's session at USD 4,100.44 per fine ounce, unable to shake off pressure from a firmer dollar and rising Treasury yields. The trigger was US consumer price data: September CPI rose 0.6% month-on-month and 3.7% year-on-year, above the 3.6% annual rate analysts had expected. Reuters noted that the stronger dollar and higher Treasury yields intensified the squeeze on bullion afterward.
Should investors sell immediately? Or is it worth buying Gold?
That pattern is not new. The World Gold Council had already attributed September's price decline to climbing US yields and a stronger dollar. Capital flowing into gold-backed funds and falling quotations can occur side by side — inflows are no shield against price losses when the dollar and US bond yields are moving higher.
Today the picture has softened at the margin, with a weaker dollar offering gold some relief. That recovery sits alongside the rate risks rather than replacing them.
Fed Meeting Set for October 27–28
Minutes from the Federal Reserve's September meeting kept the possibility of another rate hike before year-end alive in the market, according to Reuters. An October 8 report also cited elevated oil prices and inflation expectations as headwinds for gold. The next Fed decision lands on October 27–28, and until then the stronger central bank and ETF buying stands as a demand-side counterweight to monetary policy uncertainty.
Gold at a turning point? This analysis reveals what investors need to know now.
The distinction matters for investors: robust purchases are documented fact, while a rate hike remains a possibility. Strong ETF inflows on their own have so far not been enough to neutralize the policy-driven pressure — and whether that pressure eases or persists is the question the October meeting will begin to answer.
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