China Keeps Buying as Gold Tests $4,400

Gold is at a point where the next move could come down to a few key levels. The gold price is around $4,394.92 on the 1-hour chart, up 0.08%, with buyers trying to defend the $4,400 area and sellers keeping $4,420 within reach as the next resistance.

There is also a bigger story developing behind the price. China’s central bank continues to add gold to its reserves, and its buying pace in 2026 is already far ahead of what it recorded in 2025.

China keeps buying gold

Data shared by The Kobeissi Letter shows that China’s central bank bought another 20 tonnes of gold in August. That matches its biggest monthly purchase since October 2023. The latest purchase follows 20 tonnes in July and 15 tonnes in June. Together, those purchases bring China’s official gold buying to 80 tonnes so far in 2026.

BREAKING: China’s central bank officially bought +20 tonnes of gold in August, matching its largest monthly purchase since October 2023.

This follows +20 tonnes and +15 tonnes acquired in July and June, respectively, and marks its 22nd consecutive monthly gold purchase.

So far… pic.twitter.com/VHb6Pofoh7

— The Kobeissi Letter (@KobeissiLetter) September 9, 2026

China’s total gold reserves have now reached a record 2,387 tonnes, or about 76.73 million troy ounces. The pace is especially notable when compared with last year. China added only 29 tonnes to its official gold reserves throughout 2025. 

In just the first part of 2026, it has already added almost three times that amount. August also marked the 22nd consecutive month of official gold purchases from China’s central bank. That continued accumulation gives the gold market an important fundamental backdrop, especially as central banks remain major participants in the physical gold market.

The Gold price is stuck near $4,400

We had a look at the gold chart shared by Mario Nawfal, and the immediate battle is taking place around the $4,400 level. The gold price is around $4,394.92, up 0.08% on the 1-hour candle. We had a look at the gold chart, and the price is near the lower end of its range, with $4,520 marking the upper boundary.

Gold is just sitting near $4,400 an ounce, stuck between traders who want to buy and traders who want to sell, and neither side is winning.

Blame the Fed. A hot jobs report just pushed the odds of a rate hike next week to 58%, and higher rates make gold less exciting since it… pic.twitter.com/qGIGUwZSO4

— Mario Nawfal (@MarioNawfal) September 8, 2026

The latest candle pushed up to $4,520 before falling back to $4,400. That long wick at the top shows buyers tried to take control, but sellers pushed the price back down. For now, $4,400 is the key level. If buyers defend it, gold could start working its way higher again.

The first hurdle is $4,420. A break above it would put $4,440, $4,460, $4,480, and $4,500 within reach. Once gold clears $4,500, the next test would be $4,520. Breaking above that level would give buyers a stronger grip on the short-term trend.

Fed expectations are keeping gold under pressure

The technical setup is also being influenced by interest-rate expectations. Mario Nawfal noted that gold remains near $4,400 as traders wait for inflation data later in the week. Higher interest rates can make gold less attractive because the metal does not provide interest income.

That makes the upcoming inflation figures an important catalyst for the gold price. A softer inflation reading could reduce pressure from rate expectations and give gold more room to challenge $4,420 and higher resistance levels. A hotter reading could have the opposite effect, potentially putting $4,400 support under pressure.

CoinCodex’s 1-month gold price forecast places the price around $4,568.53. That target is above the current price near $4,395, implying potential upside of roughly 3.9% and a move toward the $4,500-$4,520 resistance zone if gold maintains its current recovery structure.