China's Gold Buying Streak Hits 22 Consecutive Months

China's central bank has continued its gold buying streak for the 22nd consecutive month, adding 650,000 ounces to its reserves in August. This is the largest single-month purchase since late 2023.

The People's Bank of China's total gold holdings now stand at 76.73 million ounces, according to data released by the State Administration of Foreign Exchange.

This extended buying spree has seen Beijing accumulate a significant amount of gold, with an additional 3.93 million ounces added since November 2024. This trend aligns with a broader global phenomenon where central banks are increasing their gold reserves as a hedge against geopolitical uncertainties.