Central Banks Add 23 Tonnes of Gold in July Amid Geopolitical Tensions

Central banks continued their buying streak in July, adding 23 tonnes of gold to their reserves. This comes on the back of 21 months of consecutive purchases by China's People's Bank of China (PBoC), which bought 20 tonnes this month alone.

Poland remains the largest central-bank buyer of gold so far this year, with a total of 90 tonnes added to its reserves. The National Bank of Poland purchased 8 tonnes in July, bringing its gold holdings to nearly 28% of its total reserves.

In contrast, Russia emerged as the biggest seller of gold in July, offloading 6 tonnes. This marks a change from previous months, when it was one of the largest buyers.