China’s gold purchases in June were far higher than official figures suggested, according to new estimates from Goldman Sachs.

The People’s Bank of China reported buying 15 tonnes in June, but London OTC market data points to actual purchases of 40 tonnes. May showed a similar gap: officials disclosed 10 tonnes, while OTC data indicates 48 tonnes changed hands.

Taken together, May and June purchases totaled about 88 tonnes through OTC channels alone, exceeding China’s entire officially reported total for the year so far. Purchases routed through the London over-the-counter market, often executed by commercial banks, do not appear in the PBOC’s monthly reserve disclosures — a pattern analysts, including at the World Gold Council, have cited when estimating that true official-sector demand exceeds reported figures.

The Kobeissi Letter highlighted the discrepancy on X, saying June was China’s second-largest monthly purchase since early 2025. The account said the gap shows China is buying more gold than official data reflects.

BREAKING: China acquired +40 tonnes of gold in June via the London OTC market, marking their 2nd-largest monthly purchase since early 2025. This is 167% more than the official +15 tonnes reported by China's central bank for June. This also follows an estimated +48 tonnes… pic.twitter.com/aSPZysWtWS

— The Kobeissi Letter (@KobeissiLetter) August 23, 2026

Even so, official data still points to continued accumulation. The People’s Bank of China added 20 tonnes in July, its largest monthly purchase since October 2023. That brought total reserves to a record 2,366 tonnes, marking 21 consecutive months of gains — a stockpile that remains well below the more than 8,000 tonnes held by the United States, the world’s largest official gold holder.

China’s shift away from U.S. government debt has also continued alongside the gold buying. Treasury holdings fell to $633.4 billion in June, the lowest level since 2008, underscoring a broader move toward reserve diversification. That diversification is part of a global trend: central banks have bought roughly 1,000 tonnes of gold a year since 2022, according to the World Gold Council, about double the pace of the previous decade, a shift that followed the freezing of Russia’s reserve assets after its invasion of Ukraine.

Domestic demand for gold has strengthened as well. Open interest on the Shanghai Futures Exchange climbed to nearly 400,000 lots this week, the highest level since September 2025. Global Markets Investor said on X that the increase was one of the five largest two-day jumps in open interest over the past five years.

Chinese investors are aggressively returning to gold: Gold open interest on the Shanghai Futures Exchange (SHFE) spiked to nearly 400,000 lots this week, the highest since September 2025. Open interest is the total number of gold futures contracts currently held by traders,… pic.twitter.com/eCs4oqjAfu

— Global Markets Investor (@GlobalMktObserv) August 23, 2026

Gold is currently trading at $4,614 per ounce.

The combination of central bank buying, OTC purchases, and rising futures activity indicates sustained interest in gold among Chinese investors and institutions. Coming months will show whether that gap persists, with the PBOC’s monthly reserve disclosures, U.S. Treasury international capital data, and SHFE positioning providing the next readings.