China added an estimated 88 tonnes of gold to its reserves in May and June, buying through the over-the-counter market and pushing its total holdings to a record 2,366 tonnes. The purchase underscores Beijing's continued push to expand its gold stockpile amid global economic uncertainty.
China has reportedly acquired an estimated 88 tonnes of gold through the over-the-counter market in May and June. That lifts its total reserves to a record 2,366 tonnes.
The purchases add to China's ongoing strategy of building up its gold holdings as it navigates global economic uncertainty. As a result, the scale of the buying has drawn attention across the gold market, since it points to strong demand from one of the world's largest economies.
Market participants are now watching central bank activity and geopolitical developments closely, given their potential to move gold prices further. Any fresh buying headlines from the People's Bank of China could keep that momentum going, while shifts in U.S. Federal Reserve policy may also weigh on the dollar and Treasury yields, both of which influence gold.
Source: Crypto Briefing
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