China's gold reserves rise by most since October 2023 as buying pace quickens
BEIJING/SHANGHAI - China's central bank stepped up its gold purchases for a fifth straight month in July, adding the most bullion to its reserves since October 2023, official data showed on Friday.
The People's Bank of China extended its gold-buying run to a 21st consecutive month, with reserves rising to 76.08-million fine troy ounces at the end of July from 75.44-million a month earlier.
The 640000-ounce increase, equivalent to nearly 20 tons, was the biggest monthly addition since October 2023, when holdings rose by 740000 oz.
The PBOC added 480000 oz in June, which was the biggest monthly gain since October 2023 at the time.
The pace of purchases has increased each month since March, when the central bank added 160000 oz.
The value of China's gold reserves rose to $306.35-billion at the end of July from $303.72-billion a month earlier, the data showed.
Gold prices rose 0.84% in July, snapping four consecutive months of declines and the biggest monthly increase since February.
The gains were supported by softer US inflation data and easing oil prices during the month, which prompted traders to scale back expectations for further Federal Reserve interest rate hikes.
Spot gold was most recently traded above $4310/oz.
