China's Gold Reserves Skyrocket Amid Geopolitical Uncertainties

The People's Bank of China has been quietly accumulating gold reserves at an accelerated pace. In July, it made its largest monthly purchase in nearly three years, adding approximately 640,000 troy ounces (about 20 metric tons) to its balance sheets.

This marks the 21st consecutive month of accumulation by the Chinese central bank, increasing its official reserves from less than 75.5 million ounces at the end of June to over 76 million ounces at the end of July.

The total value of the gold stock held by the Chinese state now exceeds $306 billion at the current market price.