China Boosts Gold Reserves by 650,000 Ounces in August

The People's Bank of China (PBOC) has increased its gold reserves by the largest amount since 2023, adding 650,000 ounces in August. This marks the 22nd consecutive month of gold buying by the central bank.

The PBOC is one of the world's largest official buyers of gold, and its continued accumulation of the precious metal has provided support for the longer-term outlook among gold market participants.

The price of gold rose nearly 10% in August following a period of pressure earlier in the year, as investors turned to alternative stores of value due to concerns about inflation and potential dollar weakness.