China Adds Record Gold Reserves Amid Geopolitical Uncertainty

China's central bank has made its largest gold purchase since October 2023, adding about 19.9 metric tons of gold to its reserves in July.

The People's Bank of China (PBoC) gold holdings rose by 640,000 ounces to 76.08 million ounces at the end of July, according to official data released on Friday.

This marks the 21st consecutive month that the PBoC has increased its gold reserves, with a total of around 2,366 metric tons now held.

The latest purchase comes as China and other central banks seek to diversify their reserve assets amid geopolitical uncertainty and high gold prices.