China buys largest amount of gold since 2023 despite price fluctuations

The Chinese Central Bank increased its gold purchases in June, recording the largest monthly addition since October 2023, adding 14.9 tons to its official reserves, which reached 75.44 million ounces valued at approximately $304 billion. This occurred despite a 12% decline in gold prices in June, marking the largest monthly loss since 2008, driven by expectations of US interest rate hikes and rising inflation risks. This increase reflects China's ongoing policy of diversifying its reserves and reducing reliance on dollar-denominated assets, at a time when data from the World Gold Council indicates an acceleration in central bank buying worldwide.

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