China's Central Bank Extends Gold Buying Streak to 21 Months

China's central bank continued its gold buying streak in July, purchasing 640,000 ounces of gold worth approximately $306.35 billion at the end of the month.

This marked the 21st consecutive month of purchases and the largest single-month buying volume since October 2023.

The increase in gold reserves pushed China's foreign exchange reserves to $3.4188 trillion, a slight increase of 0.07% from June.

Spot gold prices broke through $4,316 per ounce after China's central bank announced its gold purchasing data, with institutions such as UBS and BCA Research being bullish on the outlook for gold prices.