China's Central Bank Boosts Gold Reserves by 20 Tons
The People's Bank of China has made its strongest monthly gold purchase since October 2023 by adding approximately 20 metric tons to its reserves in July. The bank's gold reserves now stand at 76.08 million ounces, valuing them at $306.35 billion.
This marked the fifth consecutive month that China's central bank has increased its gold holdings. In March, it purchased 160,000 ounces of gold, followed by gradual increases in April and May. June saw a significant boost with 480,000 ounces added to reserves, and July topped this with 640,000 ounces.
The acceleration in China's central bank gold purchases drew attention. The total value of the country's gold assets increased by approximately $2.63 billion in one month, exceeding $306 billion for the first time since February.