PBOC Gold Reserves Swell by Most Since 2023 Amid Dollar Weakness

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 purchase extends the PBOC's gold buying streak to 22 consecutive months.

Gold prices rose nearly 10% in August following a period of pressure earlier in the year, coinciding with renewed interest in the debasement trade triggered by concerns about inflation and potential dollar weakness sparked by the US Treasury's plan to increase buybacks of government debt.