China Adds Most Gold to Reserves Since October 2023 Amid Accelerating Purchases
China's central bank stepped up its gold purchases for the fifth consecutive month in July, adding the most bullion to its reserves since October 2023. The People's Bank of China (PBOC) extended its gold-buying streak to 21 months, with reserves rising to 76.08 million fine troy ounces at the end of July from 75.44 million a month earlier.
The PBOC added nearly 20 metric tons of gold to its reserves in July, equivalent to 640,000 ounces, which is the biggest monthly addition since October 2023. This increase follows a similar trend seen in June, where the bank added 480,000 ounces, also the largest gain since October 2023 at that time.
The pace of gold purchases has accelerated each month since March, when the central bank added 160,000 ounces. The value of China's gold reserves rose to $306.35 billion at the end of July from $303.72 billion a month earlier.