Central Banks Accumulate Gold Amid Market Volatility

Central banks continued to add gold to their reserves in July, according to recent data. The collective net gain was 23 tonnes, bringing the year-to-date total to 130 tonnes, a 30-tonne decrease from the same period last year.

The People's Bank of China was the largest buyer, increasing its official reserves by 20 tonnes for the 22nd straight month. Its holdings now make up about 8 percent of the country's total reserves, which stand at 2,366 tonnes.

However, it's worth noting that Chinese officials are likely to hold significantly more gold than they publicly disclose. Estimates suggest that the PBoC has secretly purchased large amounts of gold and currently holds over 5,000 tonnes in Beijing, more than twice its reported holdings.