China's 17 Month Gold Spree: Why Central Banks Bought 244 Tonnes In Q1 | Dominic Frisby

Central banks bought 244 tonnes of gold in Q1 2026, extending a powerful sovereign bid that has seen purchases top 200 tonnes in 10 of the last 11 quarters. The Kitco interview with Dominic Frisby argues this is part of a broader China-led accumulation story, with Beijing’s reported 2,300-tonne reserve figure said to significantly understate the true stockpile. Frisby’s thesis is that China may be far more exposed to gold than official data implies, potentially with a hidden reserve closer to 30,000 tonnes. If accurate, that would reinforce the idea that official-sector demand is not just supportive but structurally altering the gold market’s supply/demand balance. For traders, the key takeaway is that sovereign buying remains a major bullish pillar for gold and should continue to underpin dips, especially if geopolitical stress or reserve diversification persists. The main risk is that the interview is thesis-driven rather than data-rich, so the market impact depends on whether this central-bank accumulation trend is corroborated by upcoming official reserve disclosures and WGC-style demand data.