PBOC Adds 20 Tonnes of Gold in July for 21st Straight Month
Updated
Updated · World Gold Council · Aug 14
PBOC Adds 20 Tonnes of Gold in July for 21st Straight Month
3 articles · Updated · World Gold Council · Aug 14
Summary
China’s central bank increased gold reserves by 20 tonnes in July, lifting holdings to 2,366 tonnes, or 8% of foreign-exchange reserves.
The July purchase was the PBOC’s biggest since October 2023 and extended its buying streak to a record 21 months, with the World Gold Council saying softer prices likely encouraged faster accumulation.
Investor demand also improved: Chinese gold ETFs drew RMB5 billion of inflows in July, raising holdings by 5 tonnes to 282 tonnes, while early-August inflows continued almost daily.
Physical demand remained weak despite that support, with Shanghai Gold Exchange withdrawals falling 8% month on month to 80 tonnes in July as jewelry demand stayed subdued.
Gold prices were broadly steady in July before breaking higher in early August, while elevated June net imports of 152 tonnes pointed to stronger investment-led demand than consumer buying.