June sees China’s largest gold purchase in 20 months

China’s central bank added 480,000 ounces of gold to its reserves in June, its largest monthly purchase in a 20-month buying streak, reports Caixin. This came as global bullion prices slid from about $4,540 an ounce to around $4,000.

China’s official gold reserves rose to 75.4 million ounces at the end of June, according to data released Tuesday by the State Administration of Foreign Exchange. The June increase surpassed the 330,000 ounces added in December 2024 and extended a buying streak that began in November 2024 to 20 consecutive months. Over that period, the People’s Bank of China has added 2.6 million ounces of gold.

The accumulation underscores a broader push by central banks to diversify foreign-exchange portfolios and hedge against geopolitical risks, as a stronger US dollar and shifting interest-rate expectations weigh on global markets.