07.08.2026 13:10
The People's Bank of China bought approximately 20 tons of gold in July, raising its reserves to 76.08 million ounces. Marking the fifth consecutive month of purchases, the bank made its strongest monthly gold purchase since October 2023, with the total value of gold in its reserves reaching $306.35 billion.
The People's Bank of China (PBOC) continued to increase its gold reserves in July. The bank added 640,000 ounces, or approximately 20 metric tons, of gold to its reserves.
This marked the PBOC's highest monthly gold purchase since October 2023, when reserves increased by 740,000 ounces.
According to official data, China's central bank gold reserves, which stood at 75.44 million ounces, rose to 76.08 million ounces by the end of July.
PURCHASES FOR THE FIFTH CONSECUTIVE MONTH
The acceleration in China's central bank gold purchases also drew attention. The bank bought 160,000 ounces of gold in March, then gradually increased the amount added to its reserves in the following months.
After purchasing 480,000 ounces of gold in June, the bank raised this amount to 640,000 ounces in July. Thus, the PBOC made gold purchases for the fifth consecutive month.
VALUE OF GOLD RESERVES EXCEEDS $306 BILLION
The total value of China's gold holdings also rose. The value of gold reserves, which stood at $303.72 billion at the end of June, reached $306.35 billion by the end of July.
Thus, the value of China's gold assets increased by approximately $2.63 billion in one month.
GOLD ENDS FOUR-MONTH DECLINING STREAK
Gold prices rose by 0.84% in July, ending a four-month declining streak. The precious metal also recorded its strongest monthly performance since February.
The recovery in gold was driven by softer-than-expected U.S. inflation and falling oil prices, which led investors to reduce their expectations for additional interest rate hikes by the U.S. Federal Reserve (Fed).
Spot gold prices traded above $4,310 per ounce in recent transactions.