China Adds 20.2 Metric Tons of Gold to Reserves in August

China's central bank continued its gold-buying spree in August, adding the most bullion to its reserves since October 2023. The People's Bank of China increased its gold holdings by 650,000 ounces, equivalent to about 20.2 metric tons, to reach a total of 76.73 million fine troy ounces at the end of August.

This marks the sixth consecutive month that the central bank has stepped up its gold purchases and extends its buying streak to 22 months. China's gold reserves have been steadily rising since March, with the addition of 160,000 ounces in that month, followed by 480,000 ounces in June.

The value of China's gold reserves jumped to US$350.08 billion (HK$2.73 trillion) at the end of August from US$306.35 billion a month earlier, reflecting both fresh purchases and a sharp rise in gold prices.