China's Gold Buying Accelerates as Treasury Holdings Decline

China's gold reserves have been increasing at an accelerated pace since January, with nearly 60% of the total increase happening in June and July. The country added 58.8 tonnes of gold during this period, with a significant portion of it being purchased domestically.

The value of China's gold reserves stands at $306.354 billion, equivalent to roughly $4,027 per ounce across its 76.08 million-ounce stock. This valuation is based on the country's reserve holdings and does not reflect Beijing's purchase price.

Despite the accelerated buying, China's retreat from Treasury holdings is significant, with a reported decline of $73.4 billion in a year. However, total foreign Treasury holdings rose by $349.4 billion during this period, reducing China's share of foreign ownership to about 7%.