Central Banks Accumulate Over 23 Tonnes of Gold in July

Central banks around the world are buying gold in significant quantities, with over 23 tonnes acquired in July alone. This marks the fourth consecutive month of purchases, a trend that is being closely watched by market analysts and investors.

The People's Bank of China led the demand for gold in July, purchasing 20 tonnes. Poland also made notable additions to its gold reserves, buying an additional 8 tonnes. As a result, the total amount of gold acquired by central banks year-to-date is now at 130 tonnes, slightly below last year's pace.

Analysts are monitoring geopolitical developments and economic indicators for their potential impact on gold prices. Market data suggests that there is currently a relatively low probability of gold reaching $15,000 by the end of December 2026, with only 1.5% of traders believing it will happen. However, ongoing purchases may provide supportive indications for higher gold prices.