China "armors" reserves - Beijing records the largest increase in gold since 2023
The People's Bank of China has continued to buy gold at a rapid pace, increasing its reserves for the 20th consecutive month. Official data shows that at the end of June, the central bank's gold reserves reached 75.44 million troy ounces, up from 74.96 million troy ounces a month earlier.
In just one month, China added about 480,000 ounces of gold, or about 15 metric tons. This is the largest monthly increase in reserves since October 2023, when the Chinese central bank increased reserves by about 740,000 ounces.
But the increase in the amount of gold was not accompanied by an increase in the value of the reserves. On the contrary, their value fell sharply, to about $303.72 billion at the end of June, from $340.75 billion in May.
This is related to the sharp decline in the price of gold in international markets. During June, gold lost 11.65% of its value, marking the biggest monthly decline since October 2008. The price of the precious metal temporarily fell below the level of 4 thousand dollars per ounce.
Gold was pressured by a strengthening dollar and market expectations that the Federal Reserve could keep interest rates high for longer. At the same time, geopolitical tensions and inflation uncertainties continued to weigh on financial markets.
However, the price drop has not changed Beijing's strategy. China is continuing to buy gold even at a time when its price is under pressure, signaling a long-term approach to strengthening and diversifying its foreign exchange reserves.
Continued purchases by central banks, especially from major economies, have become a significant factor in the global gold market. For China, increasing its gold reserves is seen as a way to reduce its dependence on other assets and create a greater buffer against uncertainties in the global economy.
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