According to El pays daily ( Spain), the amount of gold China will buy in 2025 could be 10 times higher than the official report, bringing the total gold reserves to over 5,000 tons - only behind the US.
World gold prices have increased by more than 40% in 2025, reaching a record of 4,380 USD/ounce in October, before cooling down in recent weeks. The "golden thirst" of central banks, especially large economies like China, is considered the main driving force for gold prices to remain high.
Analysis shows that China's domestic import and output figures do not match the figures reported by the People's Bank of China (PBOC). This raises suspicions that Beijing is " silently" buying gold to reduce its dependence on the US dollar and protect the economy in the context of fragrance geopolitics.
Michael Haigh, head of commodity research at Societe Generale Bank, said that gold hoarding has become more urgent since the West froze Russian assets after the Ukraine conflict.
Countries concerned about sanctions risks are wanting to bring gold domestically and reduce their holdings of US dollar assets, he said, adding that political developments in the US are further fueling the trend.
According to official figures, the PBOC has purchased gold for 12 consecutive months, raising its reserves to 2,304 tons - equivalent to 8% of total foreign exchange reserves, ranking 6th in the world. However, many experts believe that the number is much larger.
Bruce Ikemizu, director of the Japan wholesale market Association (JBMA), said that China's real reserves could reach 5,000 tons. This is enough to make China surpass Germany, becoming the world's second largest gold holding country, after the US with more than 8,000 tons.
Company Generale's analysis shows that the actual Chinese gold purchases could reach 250 tons - 10 times the 25-ton report. UK gold export data - a reliable source for tracking material flows - shows that China has accumulated more than 1,080 tons since mid-2022.
Notably, Beijing's gold gathering strategy is not taking place en masse but at a steady pace, averaging 33 tons per month, enough to avoid causing too much fluctuation in the world market. However, at this rate, China will need nearly a decade to increase the gold ratio to 20% of total foreign exchange reserves.
Adrian Ash, research director at Bullion Vault, assessed that China's continued announcement of gold purchases, even a few tons in the context of high prices, is a signal to encourage people to increase their gold holdings. The message to the public is very clear: Buying gold is a good choice, said Adrian Ash.
The trend of gold hoarding is spreading as many countries - from India to Poland - also increase the proportion of gold in gold reserves. Experts say this is a sign of a complex geopolitical environment where skepticism among countries is growing. Gold has become a safe asset amid regional conflicts and financial risks.
society Generale predicts gold could surpass $5,000 an ounce in a long-term uptrend, as central banks seek to diversify reserves without heating up the market too quickly.
We are living in a different world, Michael Haigh commented. And in that world, gold prices are likely to continue to rise.
The world gold price at 4:56 p.m. on November 25, Vietnam time was at 4,127.93 USD/ounce.
Regarding domestic gold prices, SJC gold bar prices are trading around 151.4 - 152.9 million VND/tael (buy - sell).
The price of 9999 Bao Tin Minh Chau gold rings is trading around 149.6 - 152.6 million VND/tael (buy - sell).
