Central Banks Add Gold Reserves Amid Diversification Efforts

Central banks around the world continued to diversify their reserves in July, with several countries adding significant amounts of gold. The People's Bank of China led the way, purchasing 20 tonnes of gold for the 21st consecutive month. This brings China's total gold reserves to around 2,366 tonnes, which accounts for about 8% of its overall reserves.

In addition to China, Poland added 8 tonnes of gold to its reserves in July, bringing its total to 640 tonnes and closer to the National Bank of Poland's target of 700 tonnes. Gold now makes up around 28% of Poland's reserves.

The Czech National Bank purchased a further 2 tonnes in July, while Kazakhstan, Malaysia, and Bolivia each bought 1 metric tonne of gold. Uzbekistan remains a notable buyer for the year as a whole, with its gold reserves increasing by 40 tonnes since January. However, it did sell 1 tonne in July.