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While President Donald Trump aims to restore U.S. economic dominance on the global stage, China is quietly making a powerful statement of its own—stacking gold at a record pace and chipping away at the U.S. dollar's supremacy.
China's central bank extended its gold-buying streak to a 10th consecutive month in August, fueling a broader rally in the precious metal that has pushed prices to historic highs.
The People's Bank of China added 60,000 ounces last month, bringing its total gold holdings to 74.02 million ounces by the end of August, according to data published by the country’s State Administration of Foreign Exchange.
In dollar terms, that lifted the country's official gold reserves by $9.9 billion to $253.84 billion, now accounting for a record 7.64% of its total foreign exchange reserves.
Beijing's accelerated gold accumulation is a strategic response to rising geopolitical uncertainty and growing concerns about the long-term stability of dollar-backed assets.
“China released data today showing that its central bank has increased its gold holdings for the tenth consecutive month,” said Mohamed El-Erian, Allianz chief economic advisor.
He added that this trend is "part of a broader risk diversification strategy," with central banks increasingly favoring gold.
According to International Monetary Fund data, central banks in emerging markets have increased their gold purchases fivefold since Russia's invasion of Ukraine.
While China piles into gold, it’s steadily backing away from U.S. debt. In June 2025, China's Treasury holdings dropped to $756.4 billion—down from $780.2 billion a year earlier—marking a slow but consistent trend of de-dollarization.
The central bank shift is also influencing retail behavior.
SPDR Gold Shares (NYSE:GLD), the world's largest gold-backed ETF, has attracted $11.3 billion in inflows this year. Meanwhile, iShares Gold Trust (NYSE:IAU) has pulled in $6.87 billion. Both funds are on pace to eclipse their 2020 inflow records.
Gold spot prices reached $3,632 an ounce on Monday, marking a 38.4% increase since the start of 2025, putting the metal on track for the best year since 1978.
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