PBOC Extends Gold Buying Streak to 22 Months with 650k oz August Purchase

China's central bank added 650,000 troy ounces of gold in August, its largest monthly purchase since 2023, extending a 22-month buying streak. Despite sustained accumulation, gold prices remain below $4,400/oz, suggesting the market has priced in continued official demand. The move signals ongoing reserve diversification away from dollar assets, with implications for gold prices and global reserve dynamics.