China Adds Most Gold Since October 2023 as Reserves Reach New High

China's central bank continued its gold-buying spree for the fifth consecutive month in July, adding the largest amount of bullion to its reserves since October 2023. The People's Bank of China (PBOC) added 640,000 ounces to its holdings, equivalent to nearly 20 metric tons, bringing its total reserves to 76.08 million fine troy ounces at the end of July.

This monthly increase marks the biggest addition since October 2023, when the PBOC's gold reserves rose by 740,000 ounces. The central bank has been steadily increasing its gold purchases each month since March, with the pace accelerating in recent months.

The value of China's gold reserves rose to $306.35 billion at the end of July from $303.72 billion a month earlier, following a 0.84% increase in gold prices during the month.