China Purchased 20.2 Tons of Gold in August, Central Bank Reserves Reached 76.73 Million Ounces

The People's Bank of China added 650,000 ounces of gold to its reserves in August, marking the highest monthly purchase since 740,000 ounces in October 2023. This purchase continued China's gold accumulation trend for the twenty-second consecutive month and coincided with rising gold prices in the global market. By the end of August, China's central bank gold reserves reached 76.73 million troy ounces, an increase of approximately 20.2 tons compared to the previous month. The value of these reserves rose from $306.35 billion to $350.08 billion. In February, the central bank had only purchased 30,000 ounces of gold, while the August purchase was more than 21 times that amount. Part of the increase in gold prices is attributed to the return of demand for assets like gold and Bitcoin amid declining fiat currency values. The U.S. Treasury Department's plan to increase the buyback of debt securities has also raised concerns about rising inflation and a weakening dollar. Gold prices rose about 10% in August, but the upward trend weakened in the final days of the month, and since the beginning of September, they have decreased by 0.27%.

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