While the gold reserves of the Central Bank of China increased by approximately 20 tons in July, monthly gold purchases reached the highest level since October 2023.
According to data from China’s State Administration of Foreign Exchange Clearing (SAFE), the country’s gold reserves increased by 640 thousand ounces at the end of July compared to the previous month, reaching 76 million 80 thousand ounces.
Thus, China’s gold purchases in July were at the highest monthly level since October 2023, with approximately 19.91 tons.
The Central Bank of China added 480 thousand ounces of gold, approximately 15 tons, to its reserves in June. With the increase in July, China’s total official gold reserves increased to approximately 2 thousand 366 tons.
Thus, the bank continued to purchase gold for the 21st month in a row.
In recent years, many central banks, as well as China, have been increasing their gold holdings as part of geopolitical uncertainties and diversifying their reserves.
