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(Bloomberg) — China’s central bank ramped up additions to its gold reserves last month, pushing a buying streak toward the two-year mark as bullion prices built support above $4,000 an ounce.
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The holdings rose by 640,000 ounces, or about 20 tons, in July, marking the 21st consecutive month of accumulation, data from the People’s Bank of China showed on Friday. That was the biggest increase in holdings since October 2023, and followed the addition of about 15 tons to the reserves in June.
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Gold has pushed higher this month. Prices have been supported by signs that there may be deal over the Strait of Hormuz between the US and Iran, potentially easing energy-driven inflation and curbing chances of tighter monetary policy, In addition, institutional investors in China, have also been adding to positions in local bullion-backed exchange-traded funds.
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Spot gold rose as much as 1.8% to top $4,316 an ounce following the PBOC data release, hitting the highest price since mid-June.
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China’s central bank has also been building up its inventories of gold in Hong Kong over the past few months, according to people familiar with the matter, supporting the city’s push to become a bullion-trading hub. The latest additions are accelerating a longer-term trend whereby the PBOC has been moving some of its gold reserves back home from London, the people added.
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Collectively, central banks around the world purchased 289 tons of gold in the second quarter, according an estimate from the producer-funded World Gold Council. While official-sector purchases rebounded from the first quarter, overall buying is still expected to decline over the full year.
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