China's Central Bank Adds Record Gold Reserves for August

China's central bank added 650,000 ounces of gold to its reserves in August, marking the largest monthly gain since October 2023. This brings Beijing's buying run to 22 consecutive months.

The People's Bank of China (PBOC) purchased 20.2 metric tons of gold, with reserves now totaling 76.73 million fine troy ounces. The reported value of the holdings jumped to $350.08 billion from $306.35 billion.

The purchases came amid a strong month for gold, which gained roughly 10% in August and marked its best monthly performance since January. The rally was driven by concerns over inflation and a weaker dollar, fueled by the US Treasury's plan to expand debt buybacks.