Central Banks Keep Buying Gold in July

Global central banks continued adding to their gold reserves in July with healthy net purchases of 55 tons. While there was a slowdown compared to the previous month, the trend of net buying remains intact. Notably, the People’s Bank of China was the largest buyer, adding 23 tons in July and solidifying its position as the leading buyer for the year. The National Bank of Poland increased its gold holdings by 22 tons, marking the fourth consecutive month of net buying. The Central Bank of Turkey, despite being a net seller for the year, turned into a net buyer in July. Other countries including Qatar, Singapore, and the Czech Republic also made gold purchases.