BRICS nation China is pouring paper money into gold at a relentless rate, according to a new report.
China added one ton of gold to its reserves in December, worth approximately $178.98 million at current prices, reports the World Gold Council.
Gold is trading at $5,074 an ounce at time of writing.
China’s gold purchases in December amounted to about 5% of the total gold acquired by all the world’s central banks in the final month of 2025. Over the course of 2025, China purchased 27 tons of gold to continue a trend that had started 14 months earlier.
China’s fellow BRICS member, Brazil, also purchased 43 tons of gold in 2025. Another BRICS member, India, was also a net buyer of gold last year. Russia, on the other hand, sold six tons of the yellow metal over the same period.
The report coincides with JPMorgan Chase’s investment banking arm, JPMorgan, reiterating its bullish stance on gold despite a recent correction that has resulted in the price of the yellow metal falling by over 10% from the all-time high reached in late January.
JPMorgan is forecasting a price of $6,300 for an ounce of gold by the end of this year and $6,600 in 2027, reports the Wall Street Journal.
The Wall Street Journal cites JPMorgan analysts saying,
“While the dust has yet to fully settle from last week, it has not derailed our structural bullish view on gold. This long-term rally in gold has not and will not be linear, so for now we once again digest, reset and repeat.”
JPMorgan reportedly says the rally in the price of gold will be driven by heavy demand from central banks and investors.
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