Fri 07 August 2026:
China’s central bank added nearly 20 metric tons of gold to its reserves in July, extending its buying streak to 21 consecutive months, official data showed Friday.
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.
__________________________________________________________________________
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22
__________________________________________________________________________
Central banks plan bigger gold buys, 89% forecast reserve growth: World Gold Council
The World Gold Council’s recent survey found that 89% of reserve managers expect that global central bank gold reserves will continue to grow over the next 12 months.
The survey showed that strong gold demand from central banks is expected to continue in the coming period, as 45% of the respondent reserve managers said their institutions plan to grow their gold reserves within the next 12 months.
The percentage marked the highest level of purchasing intent that the survey recorded in its history, while only 1% of institutions expect to reduce their reserves.
Some 83% of participants expect gold’s share among total reserves to increase over the next five years. Last year, only 76% of participants expected the same.
Some 93% of respondents said they currently hold gold reserves, up from 81% last year, while 74% said they expect the US dollar’s share of global reserves to be below the current level in five years.
Respondents cited gold’s strong performance during crises among the reasons why central banks hold gold, with 90% of participants highlighting this feature, while 84% of respondents highlighted gold’s role as a long-term store of value and 82% cited its contribution to portfolio diversification.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
__________________________________________________________________________
FOLLOW INDEPENDENT PRESS:
WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22
TWITTER (CLICK HERE)
https://twitter.com/IpIndependent
FACEBOOK (CLICK HERE)
https://web.facebook.com/ipindependent
YOUTUBE (CLICK HERE)
https://www.youtube.com/@ipindependent
Think your friends would be interested? Share this story!
