China Bolsters Gold Reserves with Largest Monthly Increase Since October
China's central bank continued its gold buying streak, adding nearly 20 metric tons of gold to its reserves in July. This is the 21st consecutive month of purchases by the People's Bank of China. The monthly increase of 640,000 ounces pushed the country's total official gold holdings to around 2,366 metric tons.
The largest single-month addition since October 2023, this move comes as central banks globally seek to diversify their reserve assets amid geopolitical uncertainty. China has been increasing its exposure to gold, and other countries are following suit.
Globally, spot gold prices rose after the release of the Chinese reserve data, hitting a high above $4,316 an ounce in recent weeks. This surge is likely due to increased demand from central banks and investors looking for safe-haven assets.