China Makes Largest Gold Purchase Since October 2023, Adds 20.2 Tonnes in August

The People's Bank of China (PBoC) made its largest gold purchase since October 2023 in August, buying 20.2 metric tonnes of gold.

This acquisition brings the country's total official holdings to approximately 2,387 tonnes and marks the 22nd consecutive month of increased gold reserves.

The PBoC has been ramping up its gold purchases since the yellow metal's price pulled back earlier this year.

The valuation of China's gold reserves rose from $306.35 billion at the end of July to $350.08 billion by the end of August, an increase of roughly $43.7 billion last month alone.