China Logs Largest Monthly Gold Purchase in Almost Three Years

China's central bank, the People's Bank of China (PBOC), added 20.2 tonnes of gold to its reserves in August, marking the largest monthly purchase since October 2023.

This brings the total gold holdings to 76.73 million ounces at the end of August, a significant increase from July's 76.08 million ounces.

The buying streak has now reached 22 consecutive months, with China continuing to push for a diversified foreign exchange reserves mix despite elevated bullion prices.

The value of China's gold reserves also rose during the month due to higher gold prices and additional purchases.