Bloomberg/Sybilla Gross/6-7-2023

“China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks. China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China…”

USAGOLD note: China has led the global central bank gold buying spree. Central bank gold buying was at a record pace in 2023 and it has remained strong in 2023. The chart below is quarterly and does not include China’s most recent purchases which have taken its total holdings to 2092 metric tonnes.

China Gold Reserves

Source: TradingEconomics.com