Chinese Central Bank Boosts Gold Reserves with 650,000-Ounce August Acquisition

The People's Bank of China expanded its official gold reserves in August, marking its largest single-month acquisition of the metal since 2023, according to official figures released by the central bank on Monday.

Data reveals that the central bank took in 650,000 troy ounces of gold during the month, which translates to approximately 20 tonnes. The August volume represents an increase over the 640,000 troy ounces added to reserves in July.

The latest addition extends the central bank's continuous accumulation campaign to 22 consecutive months. This ongoing streak stands as the longest continuous monthly buying phase recorded since China began publicly disclosing its reserve data on a monthly basis.

Following the August purchase, total Chinese official gold reserves stood at 76.73 million troy ounces, rising from 76.08 million troy ounces at the end of July. The ongoing reserve expansion has occurred alongside price movements where the precious metal has struggled to sustain levels above $4,400 an ounce.