Gold soars, but China buys 650,000 ounces; adds most precious metal since 2023
Large economies like India and China have been buying gold for the last few years. While India’s purchases have somewhat reduced, China has increased its gold reserves by the largest amount since 2023 in August, stepping up purchases even as bullion prices climbed sharply during the month.
In August, China's gold reserves rose by 650,000 ounces, marking the most significant increase since 2023, according to data released by the People's Bank of China. This substantial acquisition came as gold prices surged, climbing almost 10% in the month, driven by concerns over inflation and a weaker dollar. The People's Bank of China's continued gold purchases, alongside those made by other sovereign investors, have bolstered investor confidence in gold's long-term prospects.
In July, central banks globally reported net gold purchases of around 130t, compared to approximately 160t in the same period last year.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
