Chinese Central Bank Increases Gold Purchases to Highest Level Since October 2023

The People’s Bank of China continued its gold purchases in June, marking the longest buying streak since 2015. Its holdings increased by 480,000 ounces to reach 75.44 million ounces, the largest pace since October 2023, extending the series to 20 months. Despite gold and silver prices falling by 12% in June—its biggest monthly loss since 2008—demand for the precious metal remains supported by central bank purchases worldwide.

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