The People's Bank of China (China's central bank) extended its gold-buying run to 21 consecutive months in July 2026, adding 20 tonnes and bringing total holdings to about 2,366 tonnes. The buildup aligns with reports that reserve accumulation has accelerated since October 2023 and has lifted gold to roughly 8% of China's foreign exchange reserves, according to the World Gold Council. The sustained purchases point to a broader reserve diversification strategy, with gold taking a larger role in Beijing's asset mix, and market participants appear to see the trend as supportive of higher gold prices by the end of the year. Attention is now on whether the PBoC maintains the same pace, and on whether geopolitical tensions, shifts in global economic policy, changes in U.S. Federal Reserve policy or Western ETF flows reshape expectations for gold by December 2026.