China Adds 650,000 Ounces of Gold in Biggest Monthly Buy Since 2023
Gas Ban Gets Favorable Hearing in Federal Appeals Court What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… China's central bank bought more gold in August than in any single month since 2023, and the metal still can't hold above $4,400 an ounce.
The People's Bank of China added650,000 troy ounces, roughly 20 tonnes, to its reserves last month, according to data the central bank released Monday.
That tops July's 640,000-ounce purchase and extends the PBOC's buying streak to 22 consecutive months, the longest run since China began disclosing monthly figures.
Total holdings now stand at 76.73 million troy ounces, up from 76.08 million in July.
Thereported value of China's gold jumped to $350.08 billionfrom $306.35 billion a month earlier, though most of that increase reflects gold's own price gain rather than new tonnage.
Gold now accounts for close to 10% of China's roughly $3.4 trillion in foreign exchange reserves, still far short of the 60% to 70% share held by the Federal Reserve and other major Western central banks.
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The freezing of roughly $300 billion in Russian central bank reserves after Moscow's 2022 invasion of Ukraine convinced reserve managers everywhere that dollar assets can be shut off with a phone call.
Gold sitting in a domestic vault can't be.Gu Fengda, chief analyst at Guoxin Futures, called China's accumulation“a highly strategic and forward-looking deployment” of its reserves, not a bet on where gold trades next week.
TheWorld Gold Council's tally for the second quartershowed central banks added a record 288.9 tonnes, up 62% from a year earlier.
Poland led with 51 tonnes, pushing its reserves toward a self-set 700-tonne target, while Uzbekistan, Kazakhstan, Jordan and the Czech Republic also added.
Turkey, the biggest seller earlier in the year, mostly stepped back.
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