China’s unofficial gold purchases may be ten times higher than the official figures.

Axar.az reports that The Financial Times wrote about this.

It is noted that China is trying to reduce its dependence on the U.S. dollar, which is driving the precious metal to record highs:

“According to official data, the People's Bank of China has bought only 1.9–2.2 tons of gold per month this year, but few in the market believe these figures. Analysts at Société Générale estimate that China’s real purchases could reach 250 tons in 2025, which is more than one-third of total global central bank demand.

The lack of transparency makes price forecasting difficult. Jeff Currie, chief energy strategist at Carlyle, said that China is buying gold as part of a de-dollarization strategy, and unlike oil, gold supplies cannot be tracked by satellites.

Traders seek alternative data sources: for example, orders for large 400-ounce gold bars from Switzerland or South Africa, which are later sent to China. Some experts believe China’s actual gold reserves may be twice the official figures — around 5,000 tons.

In recent years, central banks have been buying gold in large volumes, pushing its price above $4,300 per ounce. Outside the U.S., gold’s share in global reserves has risen from 10% to 26%, making it the second-largest reserve asset after the dollar.”