China bought 684.623 tonnes of gold in the first nine months of 2026, up just 0.28 percent, but the mix told a sharper story: bars and coins jumped 26.26 percent to 444.576 tonnes while jewelry slumped 33.86 percent to 178.612 tonnes. High prices scared off necklace buyers, not investors. Domestic mine output fell 18.71 percent, offset by overseas mines that produced 71.126 tonnes. Reserves rose 103.26 tonnes to 2,409.59 tonnes, fifth worldwide, after 23 straight months of central bank buying.