China is estimated to have acquired 88 tonnes of gold through the London over-the-counter market in May and June, lifting its total gold reserves to a record 2,366 tonnes and exceeding the 60 tonnes of officially reported central-bank additions year to date. The scale of the buying, alongside separate estimates of a roughly 40-tonne June purchase, points to accumulation well above published figures and extends a lengthy reported buying streak. Central banks more broadly continue to diversify gold custody across jurisdictions to limit political and legal risks, even as the Bank of England remains the most widely used foreign custodian. Sustained official demand is feeding market expectations for higher gold prices, including prediction-market odds of 73.7% that gold reaches $4,700 in August, with Fed policy, dollar moves, yields, geopolitics and further People’s Bank of China headlines in focus.