China Adds 650,000 Ounces of Gold in Biggest Monthly Buy Since 2023
China's central bank bought more gold in August than in any single month since 2023, and the metal still can't hold above $4,400 an ounce. The People's Bank of China added 650,000 troy ounces, roughly 20 tonnes, to its reserves last month, according to data the central bank released Monday. That top
Source: OilPrice.com
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DW NOTE
China bought 650,000 ounces in a month while gold trades 16.7% below its January high and the Strait of Hormuz sits closed for the third time in six months. The PBOC is accumulating into a drawdown — either they see $4,431 as cheap, or they are preparing for something that makes the current price irrelevant.