China's gold buying spree has continued for an eighth month in a row
China maintains its dominance in the gold market, as confirmed by the latest data from the nation's central bank. In June, the People's Bank of China purchased 21 tonnes of gold, marking the eighth consecutive month of buying and bringing the total gold reserves to 2,113 tonnes. This consistent demand for gold is seen as a strategic move by China to enhance the credibility of the yuan and contribute to the global de-dollarization trend.
Experts predict that China's gold buying spree has just begun, and they anticipate the country doubling its current holdings to align itself as a reserve currency. Central bank gold buying provides solid support for the precious metal amidst investor avoidance. Furthermore, other central banks, such as the Republic of Uzbekistan, the Czech National Bank, and Poland, have also been adding to their gold reserves.