Commodities
China Boosts Gold Reserves by 20 Tons Amid Bullion Price Support
China's central bank has continued its streak of adding to its gold reserves, increasing holdings by about 20 tons in July.
The People's Bank of China reported that its gold reserves rose by 640,000 ounces last month, marking the 21st consecutive month of accumulation.
This was the biggest increase since October 2023 and followed a smaller addition of around 15 tons to the reserves in June.
The buying streak suggests that bullion prices above $4,000 an ounce have been supportive for China's central bank.