This country's gold buying frenzy is not over yet: 188 tons were purchased in the first 7 months of the year, holding a total of more than 2,100 tons of gold reserves - Photo 1.

In July, central banks in some nations continued to make significant gold purchases to increase their gold holdings. In July, central banks achieved a net increase of 55 tonnes, according to Council statistics.

Of these, the People’s Bank of China was the largest buyer in July, adding 23 tons of gold to its reserves.

China has a history of constantly building up its reserves and then remaining silent for long periods of time.

During the period from 2002 to 2019, the People’s Bank of China accumulated 1,448 tons of gold and then made almost no further movements until continuing to purchase since last fall.

In fact, there has always been speculation that China owns more gold than it officially reveals.

In addition to China, another “power” that is also increasing gold purchases is Türkiye.

According to statistics, the total amount of gold purchased by central banks in 2022 will be 1,136 tons.

According to the 2023 central bank gold reserves survey recently released by the World Gold Council, 24% of central banks plan to add gold to their reserves in the next 12 months.

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