China Buys Nearly 20 Tons of Gold in July Amid Geopolitical Uncertainty

China's central bank continued its gold buying streak by adding nearly 20 metric tons of gold to its reserves in July. The People's Bank of China reported that its gold holdings rose by 640,000 ounces to 76.08 million ounces at the end of July from 75.44 million ounces in June.

This monthly increase is equivalent to about 19.9 metric tons and was the largest since October 2023. It extends China's buying streak to 21 consecutive months.

The country's total official gold holdings now amount to roughly 2,366 metric tons.