The bank’s calculation compares with only 1.24 tonnes of gold purchases that China officially reported for the month. Analysts including Lina Thomas estimated that central banks globally bought 64 tonnes of the precious metal in September, more than tripling from the month before. The buying spree is likely continuing in November, according to Goldman.

Central-bank buying has been a key driver of gold’s ferocious run in the past three years, with prices reaching all-time highs above US$4,380 an ounce in October before pulling back in recent weeks. Despite the sovereign purchases’ key role in gold’s prices, they are shrouded in mystery as countries often under-declare their buying.

“We continue to see elevated central bank gold accumulation as a multi-year trend, as central banks diversify their reserves to hedge geopolitical and financial risks,” the analysts said in a note Monday. “We maintain our assumption of average monthly central bank buying of 80 tonnes” in the fourth quarter to 2026.

The bank still sees gold prices reaching US$4,900 an ounce by the end of next year, boosted by continued central bank buying and private investor inflows under the Federal Reserve’s easing monetary policy.