China's Central Bank Bought the Most Gold Since 2023 Even as Prices Jumped - startupfortune.com

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The People’s Bank of China (PBOC) added significantly to its gold reserves last month, marking its largest monthly purchase since late 2023. This move is notable because it occurred despite gold prices trading near record highs, suggesting that Beijing’s appetite for bullion remains strategic rather than price-sensitive. For context, central bank buying has been a key pillar of gold’s long-term rally, and China is now re-entering the market after a brief pause earlier this year.

This development reinforces a broader trend: many emerging-market central banks are diversifying away from dollar-denominated assets. For investors, the takeaway is that official-sector demand may provide a floor under gold prices even when retail or ETF flows cool. What to watch next is whether this buying pace continues in the coming months and if other major central banks follow suit. A sustained increase in PBOC purchases could signal that geopolitical and currency diversification motives are outweighing valuation concerns, which would be a supportive backdrop for the precious metals complex. However, gold’s path will still depend on real yields and Federal Reserve policy shifts.