China's Central Bank Bought the Most Gold Since 2023 Even as Prices Jumped - Startup Fortune

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China’s central bank added significantly to its gold reserves last month, marking its largest monthly purchase since late 2023. This accumulation occurred despite bullion prices trading near record highs, signaling that Beijing’s diversification strategy remains firmly intact regardless of cost.

For market participants, the relevance lies in the signal it sends. Central bank buying has been a cornerstone of gold’s structural demand over the past two years, providing a price floor that private investors often lack. When a major official sector player like the People’s Bank of China accelerates purchases into strength, it suggests a long-term view driven by reserve diversification away from the US dollar and geopolitical hedging—not short-term valuation concerns.

What to watch now is twofold. First, whether other emerging-market central banks follow suit, as their collective activity often moves in tandem. Second, the pace of future Chinese purchases; a sustained monthly rhythm would reinforce the narrative of official sector support, while a pause could leave gold more exposed to shifts in Western monetary policy expectations. The data confirms official demand is alive, but the market’s next leg will depend on whether that buying broadens.