PBoC’s 21-month gold accumulation streak and 640koz addition in July drive spot gold to mid-June highs.
Spot gold climbed above $4,320 per ounce, reaching its highest level since mid-June, as the People’s Bank of China added 640,000 ounces to reserves in July. The purchase marks the largest monthly increase since October 2023 and extends China’s accumulation streak to 21 consecutive months.
Central bank demand, particularly from China, and stronger Chinese ETF inflows underpinned the rally. Speculative net long positions in COMEX gold and silver also rose to multi-month highs, reflecting supportive sentiment in precious metals.
The PBoC’s ongoing diversification of reserves continues to bolster gold’s appeal amid broader market uncertainty.