PBOC Adds Record Gold Reserves Amid Inflation Concerns

The People's Bank of China (PBOC) has increased its gold reserves by 650,000 ounces in August, marking the largest addition since 2023.

This move extends the PBOC's gold buying streak to 22 consecutive months, making it one of the world's largest official-sector buyers of the precious metal.

The gold price has risen nearly 10% in August following a period of pressure earlier in the year. This increase coincided with renewed interest in the debasement trade, which is driven by concerns about inflation and potential debt monetization.