China's Central Bank Boosts Gold Reserves Amid Economic Uncertainty

In its latest market update for China, the World Gold Council reported strong official sector buying in July. According to data from the People's Bank of China (PBOC), central bank gold reserves increased by a significant amount during the month.

The PBOC's gold reserves rose by 26.4 tonnes in July, bringing the total to 62.6 tonnes for the year so far. This marks a notable increase from the same period last year, when reserves were up by just 2.8 tonnes.

The World Gold Council attributed the strong buying activity to various factors, including economic uncertainty and potential trade tensions with the United States.