China buys gold for 21st consecutive month: plus 19.9 tonnes in July, highest since October 2023

The People's Bank of China (PBOC) added approximately 19.9 metric tonnes of gold to its reserves in July 2026, according to official data released on 7 August. The monthly increase, equivalent to 640,000 ounces, brought gold holdings to 76.08 million ounces at the end of July, up from 75.44 million ounces in June. This marks the 21st consecutive month of purchases and the largest monthly addition since October 2023.

Total official gold holdings now amount to roughly 2,366 metric tonnes. The PBOC had added about 15 metric tonnes in June.

Spot gold reacted to the data by rising as much as 1.8 percent to above 4,316 U.S. dollars per ounce, reaching its highest level since mid-June 2026, according to Anadolu Agency. TradingEconomics reported gold at 4,343.43 U.S. dollars per troy ounce on 7 August 2026, up 2.44 percent from the previous day.

The continued purchases come as China and other central banks increase their exposure to gold amid geopolitical uncertainty and efforts to diversify reserve assets. Gold prices have remained elevated after retreating from record levels earlier in 2026, with bullion finding support above 4,000 U.S. dollars per ounce in recent weeks, according to Anadolu Agency.

China has also been seeking to strengthen Hong Kong's role as an international gold trading and storage hub while gradually expanding its domestic bullion market.

Sources

• [Anadolu Agency — China adds nearly 20 tons of gold to reserves in July](https://www.aa.com.tr/en/asia-pacific/china-adds-nearly-20-tons-of-gold-to-reserves-in-july/4020987)
• [TradingEconomics — Gold](https://tradingeconomics.com/commodity/gold)