Central Banks Snatch Up Gold in July as China Leads Charge

Central banks around the world continued to buy gold in July, with China leading the charge. According to data from the World Gold Council (WGC), net buying reached 23 tonnes last month.

The People's Bank of China (PBoC) was a key driver of this trend, purchasing 20 tonnes of gold in July. This is part of a larger pattern of double-digit monthly purchases by the PBoC since May 2026.

Poland also continued to accumulate gold, buying 8 tonnes last month and pushing its year-to-date total to 90 tonnes. The National Bank of Poland has a target of accumulating 700 tonnes of gold, which would represent around 28% of its total reserves.