China Central Bank Boosts Gold Reserves Amid Rising Bullion Prices

China's central bank added 650,000 ounces of gold to its reserves in August, marking the largest increase since 2023. This purchase comes despite a surge in bullion prices, extending the People's Bank of China's buying streak to 22 months.

The data released by the central bank shows that the PBOC continues to be one of the world's biggest official-sector buyers of gold. The bank's gold holdings have been steadily increasing since it began its current buying spree in 2023, with no signs of slowing down yet.