BRICS Leader China Pours $3,118,217,180 Into Gold In Largest Monthly Purchase Since 2023
China’s central bank is extending its gold accumulation as emerging market institutions continue adding to their yellow metal reserves.
The People’s Bank of China (PBoC) added 20 tonnes of gold in July marking its 21st consecutive month of buying and bringing its year-to-date total to 60 tonnes, reports the World Gold Council.
The addition marks the biggest single-month gain since October 2023, reports Kitco News.
Overall central banks recorded net purchases of 23 tonnes that month though the year-to-date figure of roughly 130 tonnes trails the 160 tonnes seen in the same period a year earlier. Since May, the largest economy in the Brazil, Russia, India, China and South Africa (BRICS) economic bloc has conducted double-digit (at least 10 tons) monthly purchases of gold.
China now holds approximately hundreds of tons in gold and this is equal to nearly a tenth of its total reserves.
The World Gold Council highlights the scale of China’s reserves.
“In its 21st consecutive month of buying the PBoC added 20 tons to its gold reserves in July. China has added 60 tons to its gold reserves year-to-date, second only to Poland. China’s official gold reserves now stand at 8% of total reserves, or around 2,366 tons, and is the sixth-largest reported gold holder globally.”
Poland led year-to-date buying with 90 tonnes after adding 8 tonnes in July.
Russia sold 6 tonnes in the month while Turkey sold 1 tonne.
The Bank of Korea announced a new gold allocation of about 2 tonnes through gold-backed ETFs to diversify reserves.
Data cover activity through 31 July 2026 where available and draw from central bank reports compiled by the World Gold Council.
Gold is trading at $4,420 at time of writing.
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