China's Gold Buying Streak Hits 21 Months

China's central bank has continued its buying streak of gold reserves, adding 20 tons to its holdings in July. This marks the 21st consecutive month of accumulation, with the biggest increase since October 2023.

The People's Bank of China reported that its gold reserves rose by 640,000 ounces in July, pushing bullion prices above $4,000 an ounce. This buying streak is significant, as it has been ongoing for two years.

The central bank's move to increase its gold holdings may be driven by concerns over the stability of the global financial system and the value of traditional fiat currencies.