China Bought 20 Tons of Gold In August, Its Biggest Haul In Nearly Three Years

China’s central bank bought about 650,000 ounces, or 20 tons, of gold in August, marking its largest monthly purchase since 2023. This extends China’s gold-buying streak to 22 consecutive months, highlighting continued efforts to build reserves and diversify away from other assets. The sustained buying from China and other central banks could provide further support for gold prices as demand remains strong.