China lifts gold reserves to 75.44 million ounces in June, extending buying to 20 months
The People's Bank of China made its biggest monthly gold addition since October 2023, even as bullion prices slid sharply and the reported value of reserves fell.
China’s gold reserves rose to 75.44 million fine troy ounces at the end of June from 74.96 million a month earlier, extending the People’s Bank of China’s buying streak to 20 consecutive months. The 480,000-ounce increase, equal to nearly 15 metric tons, was the biggest monthly addition since October 2023, when holdings rose by 740,000 ounces. Even so, the reported value of the country’s gold reserves fell to $303.72 billion at the end of June from $340.75 billion in May as bullion prices dropped. Spot gold tumbled 11.65% in June, its worst monthly performance since October 2008, briefly falling below $4,000 an ounce as the dollar strengthened and traders increased bets that the Federal Reserve would keep interest rates elevated.
- gold reserves: Official gold holdings kept by a central bank.
- fine troy ounces: A standard unit used to measure precious metals based on pure metal content.