Central banks and other official institutions added an estimated 321 metric tons of gold in Q3, while bullion gained ground against Bitcoin (BTC) through Nov. 15, putting reserve accumulation and cross-asset pricing in focus.
The 321-metric-ton estimate was the biggest quarterly net addition since the final quarter of 2024. Net purchases reached 675 metric tons during the first three quarters of 2026, 6% more than in the same period a year earlier.
October figures showed purchases by the People’s Bank of China and Poland. The Chinese central bank added 25.8 metric tons that month, its largest monthly purchase in three years. Poland’s purchase of 27 metric tons brought its reserves to the 700-metric-ton target it had announced earlier.
Gold’s relative value against Bitcoin rose about 21% over the period. The gold-to-Bitcoin ratio reached nearly 0.057 BTC per ounce on Nov. 15, after standing at about 0.047 BTC in early October.
The reserve totals and price comparison cover different periods and measure different things: official-sector purchases during Q3 and gold’s relative market value against Bitcoin from early October to mid-November. The ratio shows how the two assets’ prices moved relative to each other. It compares market prices, not changes in official Bitcoin holdings.
