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China adds 650,000 ounces of gold to reserves in biggest since 2023

The People’s Bank of China’s August purchase lifted total holdings to 76.73 million troy ounces, and gold was valued at $350.08 billion after last month’s price move.

Reported · Written up by our desk · Precious Metals

China’s central bank boosted gold reserves in August by 650,000 troy ounces, the biggest single-month purchase since 2023, according to data released by the People’s Bank of China.

The August buying topped July’s 640,000 ounces and extended the PBOC’s streak to 22 straight months of reported acquisitions, bringing total holdings to 76.73 million troy ounces.

The reported value of the holdings rose to $350.08 billion from $306.35 billion a month earlier, though the increase mainly reflected gold’s price gain rather than additional tonnage.

Analysts cited by OilPrice said the accumulation is aimed at strengthening reserves, not making a near-term directional bet on where gold trades, while the article notes the World Gold Council reported central banks added a record 288.9 tonnes in the second quarter.

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