Central Banks Accumulate Gold Reserves Despite Global Uncertainty

Central banks around the world continued their trend of accumulating gold reserves in July, adding 23 net tonnes to their holdings. The Chinese central bank led the way with purchases of 20 tonnes, followed closely by Poland with 8 tonnes. This marks the 21st consecutive month of buying for the People's Bank of China, which has added a total of 60 tonnes to its reserves this year.

The Czech National Bank also made significant purchases in July, adding two tonnes of gold to its reserve for the 41st consecutive month of net buying. Other notable buyers included the National Bank of Kazakhstan, Bank Negara Malaysia, and the Central Bank of Bolivia, each purchasing one tonne of gold. In contrast, Russia was the top net seller, disposing of six tonnes from its reserves.

Poland remains the largest buyer of gold so far this year, having purchased 90 tonnes to date, which represents approximately 28% of its total reserves. China's official gold reserves now stand at around 2,366t, accounting for 8% of total reserves and making it the sixth-largest reported gold holder globally.