China adds nearly 20 tons of gold to reserves in July
Baku, August 7, AZERTAC
China’s central bank added nearly 20 metric tons of gold to its reserves in July, extending its buying streak to 21 consecutive months, Anadolu Agency reports citing official data.
Gold holdings at the People's Bank of China rose by 640,000 ounces to 76.08 million ounces at the end of July from 75.44 million ounces in June.
The monthly increase, equivalent to about 19.9 metric tons, was the largest since October 2023.
China had added about 15 tons of gold to its reserves in June.
The country's total official gold holdings now amount to roughly 2,366 metric tons.
The continued purchases come as China and other central banks increase their exposure to gold amid geopolitical uncertainty and efforts to diversify reserve assets.
Gold prices have remained elevated after retreating from record levels earlier this year, with bullion finding support above $4,000 an ounce in recent weeks.
Spot gold rose as much as 1.8% to above $4,316 an ounce following the release of the Chinese reserve data on Friday, reaching its highest level since mid-June.
China has also been seeking to strengthen Hong Kong's role as an international gold trading and storage hub, while gradually expanding its domestic bullion market.
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