China's Gold Reserves Increase by 19.9 Tons, the Largest Since October 2023

Illustration of gold bars. China's central bank added about 19.9 tons of gold to its reserves in July, the largest increase since October 2023. Illustration photo: Unplash.

JAKARTA - The Chinese central bank added about 19.9 metric tons of gold to its reserves in July. This addition was the largest since October 2023.

Anadolu Agency, quoted Saturday, August 8, reported that according to official data released on Friday, the People's Bank of China's (PBoC) gold holdings rose by 640,000 ounces to 76.08 million ounces at the end of July.

In June, China's gold reserves were recorded at 75.44 million ounces.

July's purchase extended the PBoC's gold-adding streak to 21 months in a row. A month earlier, China added about 15 tons of gold to its reserves.

With the latest addition, China's total official gold reserves now stand at around 2,366 metric tons.

The buying spree continued as China and a number of other central banks increased their gold holdings amid geopolitical uncertainty and efforts to diversify reserve assets.

Gold prices are also still at a high level after falling from a record at the beginning of the year.

In recent weeks, gold prices have held above $4,000 an ounce.

After China's reserve data was released on Friday, spot gold prices rose as much as 1.8 percent to above $4,316 an ounce.

The level is the highest since mid-June.

China is also seeking to strengthen Hong Kong's position as an international gold trading and storage hub.

At the same time, China is gradually expanding its domestic bullion market.