China's Gold Buying Streak Continues with Largest Monthly Purchase Since 2023

The gold price has surged above $4,300 per ounce after experiencing a 7% increase this week.

This rise can be attributed to several factors, including a weaker US dollar, falling Treasury yields, and geopolitical uncertainty surrounding Iran and the Strait of Hormuz.

However, another major catalyst for gold's strength has emerged: China's Central Bank has made its largest monthly gold purchase since October 2023, adding 20 tonnes in July to its reserves.

This acquisition follows a buying streak that spans 21 consecutive months, with China now holding a record 2,366 tonnes of gold.