China's Gold Reserves Rise by Most Since October 2023 as Buying Pace Quickens
The People’s Bank of China extended its buying streak to 21 months as reserves rose by 640,000 ounces, official data showed.
- On Friday, The People's Bank of China reported extending its gold-buying run to a 21st consecutive month in July, adding 640,000 ounces of bullion to national reserves.
- The PBOC has consistently accelerated its buying pace since March, when it added 160,000 ounces; this latest 640,000-ounce increase marks the largest monthly addition since October 2023.
- Gold prices rose 0.84% in July, snapping four consecutive months of declines, as spot gold traded above $4,310 per ounce amid reduced Federal Reserve interest rate hike expectations.
- Reserves increased to 76.08 million fine troy ounces by July's end, up from 75.44 million the previous month, bringing total gold holdings to $306.35 billion.
- Specialists continue casting 99.99 percent pure gold at the Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, supporting global precious metals production.
11 Articles
11 Articles
(Shanghai=Yonhap News) Correspondent Cha Byeong-seop = The People's Bank of China, the country's central bank, continued its upward trend in gold reserves for the 21st consecutive month through last month.
China’s Gold Buying Is Not Simply a Bet Against the Dollar - LewRockwell
The standard explanation is that China is buying gold because it wants to destroy the dollar. That makes a dramatic headline, but it confuses diversification with replacement and political ambition with market reality. The People’s Bank of China increased its reported gold reserves by 640,000 fine troy ounces in July, nearly 20 metric tons. Holdings rose from 75.44 million to 76.08 million ounces, marking the largest monthly addition since Octob…
PBOC Extends Gold Buying Streak to 21 Months With Largest Purchase Since 2023
PBOC Extends Gold Buying Streak to 21 Months With Largest Purchase Since 2023 - China's central bank added 19.9 tons of gold in July, its biggest monthly purchase in nearly three years, as central banks globally continue to strengthen reserve buffers amid shifting markets and a weaker dollar
PBOC extends gold-buying streak to 21 months as forex reserves rise
China's central bank extended its gold-buying streak to 21 months in July, while the country's foreign exchange reserves edged up, underscoring the continued stability of China's reserve assets amid global financial volatility, official data showed on Friday.
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