China Extends Gold Buying Streak to 22nd Month

China’s central bank increased its gold reserves for the 22nd consecutive month in August, adding 650,000 ounces in its largest single-month purchase since late 2023.

The addition brings the People’s Bank of China’s total holdings to 76.73 million ounces, according to data released Monday by the State Administration of Foreign Exchange.

The extended buying streak, which began in November 2024, has added 3.93 million ounces to Beijing’s reserves, aligning with a broader global trend of central banks accumulating the precious metal to hedge against geopolitical uncertainties.