China added the most gold to its reserves since 2023, accelerating purchases in August even as bullion prices surged. Holdings at the People’s Bank of China, one of the world’s biggest official-sector buyers, rose by 650,000 ounces, according to data released by the central bank on Monday. That extends the PBOC’s buying streak to 22 …
China Central Bank adds most gold since 2023 even as prices jump
China added the most gold to its reserves since 2023, accelerating purchases in August even as bullion prices surged.
Holdings at the People’s Bank of China, one of the world’s biggest official-sector buyers, rose by 650,000 ounces, according to data released by the central bank on Monday. That extends the PBOC’s buying streak to 22 months.
After spending much of the year under pressure, bullion prices rose almost 10% in August amid a revival of the so-called debasement trade. The US Treasury’s plan to ramp up buybacks of government debt fueled concerns about inflation and dollar weakness, prompting investors to seek alternative stores of value such as gold.
The PBOC’s prolonged accumulation of bullion, alongside buying by other sovereign investors, has reassured some gold bulls on the longer-term outlook, even as elevated bond yields remain a headwind for the non-interest-bearing metal in the near term.
Bloomberg
