# China's Central Bank Extends Gold Buying to 24 Straight Months as Bitcoin Falls Below $75,000

The People's Bank of China added 830,000 ounces in October as gold fell almost 7% that month, and on Friday the US jobs report cut gold by about 1% while bitcoin hit its lowest level since August.

- Published: 2026-11-07T05:12:31.983Z
- Canonical: https://polylog.news/2026-11-07/china-s-central-bank-extends-gold-buying-to-24-straight-mont
- Publisher: Polylog (Global desk)
- Section: markets
- Sources: [Investing.com (Economy)](https://www.investing.com/news/economy-news/china-extends-gold-buying-streak-to-24-months-as-prices-slump-below-4000-5009603), [Investing.com (Commodities)](https://www.investing.com/news/commodities-news/gold-heads-for-best-week-since-august-as-us-political-shift-lifts-bonds-5006271), [The Nation Thailand](https://www.nationthailand.com/business/trading-investment/40073208)

The People's Bank of China added 830,000 troy ounces of gold to its reserves in October, about 25.8 tonnes, its 24th straight monthly purchase, [Investing.com reported](https://www.investing.com/news/economy-news/china-extends-gold-buying-streak-to-24-months-as-prices-slump-below-4000-5009603). The central bank bought during gold's steepest October decline since 2008. Gold fell almost 7% that month and finished below $4,000 an ounce after touching a one-year low, and prices remain more than 20% below where they stood when the Iran war began in late February.

Friday's US jobs report reversed part of this week's recovery. Gold [fell after the payrolls data increased bets on a Federal Reserve rate increase](https://www.investing.com/news/commodities-news/gold-heads-for-best-week-since-august-as-us-political-shift-lifts-bonds-5006271), and [The Nation Thailand reported](https://www.nationthailand.com/business/trading-investment/40073208) that higher December rate expectations drove the move. Quoted spot prices late in the session ranged from about $4,045 to $4,065, [a decline of roughly 0.6% to 1%](https://www.usagold.com/daily-precious-metals-market-report-november-6-2026/). Before the data, gold had been [up about 5% for the week](https://www.cnbc.com/amp/2026/11/06/gold-eases-on-inflation-worries-from-higher-oil-us-payrolls-data-in-focus.html) as the US political shift lifted bonds. Silver [held near $52](https://goldsilver.com/industry-news/goldsilver-news/gold-silver-price-today-jobs-report-rate-hike-odds/).

Bitcoin performed worse. It fell to $74,762 after the US market open, [its lowest level since August 21](https://www.gncrypto.news/news/bitcoin-falls-below-75000-as-stocks-rebound/), and missed Friday's rebound in technology stocks. [Fortune's price data](https://fortune.com/article/price-of-bitcoin-11-06-2026/) showed bitcoin at about $76,024 on Friday morning, compared with about $80,221 a day earlier and about $101,349 a year earlier.

## What this means

The two assets have different buyers. Gold has a large official buyer that does not need to sell and adds more when prices fall, as China did through a 7% monthly decline. Bitcoin's marginal holders are leveraged and depend on liquidity. They sell when expected rates rise and the dollar firms, and they cannot count on any buyer to absorb those sales. For readers who hold monetary metals as protection against the policy path, the official bid matters most. Beijing keeps converting reserves into an asset that cannot be frozen by a foreign government, and that conversion continues regardless of short-term rate expectations. The desk's read is that if the Federal Reserve raises rates in December, gold holds above its October low better than bitcoin does over the following weeks, and bitcoin keeps moving with the Nasdaq. That depends on official buying continuing at the October pace. A month in which bitcoin rises while the Nasdaq falls would contradict this read. So would a pause in Chinese purchases.

## What to watch

- The People's Bank of China's November reserve data, due in early December. A 25th consecutive purchase would confirm that the official buyer keeps buying regardless of price.
- Bitcoin's daily correlation with the Nasdaq in the run-up to the Fed meeting. A break in that link would be the first evidence against the risk-asset pattern.
- Whether gold retests the area below $4,000 where October ended. Holding there would show official and retail demand absorbing rate-driven selling.