PBoC Boosts Gold Reserves as China's Central Bank Buying Spree Continues

China's gold market showed mixed signals in July 2026, according to the World Gold Council. The People's Bank of China (PBoC) increased its gold reserves by 20 tonnes in July, the largest monthly addition since October 2023.

The PBoC now holds 2,366 tonnes of gold, extending a buying streak to 21 consecutive months. Chinese gold-backed exchange-traded funds also attracted fresh inflows, with holdings rising by about 5 tonnes to 282 tonnes.

However, physical wholesale demand remained subdued, as gold withdrawals from the Shanghai Gold Exchange declined 8% from June to 80 tonnes.