PBOC Buys Most Gold Since 2023 Amid Rising Prices

China's central bank has added its largest amount of gold to reserves since 2023, despite rising bullion prices. The People's Bank of China (PBOC) purchased 650,000 ounces in August, extending a buying streak that now spans 22 months.

This move comes as the global economy navigates uncertain times, with inflation concerns and recession fears contributing to increased volatility in financial markets.

The PBOC's gold holdings have been steadily increasing since November 2023, and this latest purchase further reinforces China's commitment to diversifying its foreign exchange reserves.