China's central bank extended its gold accumulation in July, adding 20 tonnes to its reserves in what marks the largest single-month gain since October 2023, according to the World Gold Council.
The purchase represents the People's Bank of China's 21st consecutive month of buying gold. Year-to-date, China has accumulated 60 tonnes, positioning it as the second-largest buyer among central banks, trailing only Poland which has added 90 tonnes this year.
China's official gold reserves now stand at approximately 2,366 tonnes, representing about 8% of its total reserves and making it the sixth-largest reported gold holder globally.
Central bank activity across emerging markets showed mixed trends in July. While China continued its aggressive buying, Russia sold 6 tonnes and Turkey sold 1 tonne. The Bank of Korea announced a new gold allocation of about 2 tonnes through gold-backed exchange-traded funds to diversify its reserves.
Across all central banks, net gold purchases reached 23 tonnes in July. However, year-to-date global central bank purchases of approximately 130 tonnes trail the 160 tonnes recorded during the same period in 2025.
Since May, China has maintained double-digit monthly gold purchases, underscoring the sustained pace of accumulation by the largest economy in the BRICS economic bloc.
