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China's Central Bank Increases Gold Reserves for 20th Straight Month
Summary
The People's Bank of China continued its gold purchasing streak in June, marking the 20th consecutive month of additions to its reserves. The country's total gold holdings rose to 75.44 million fine troy ounces.
Official data released by the People's Bank of China (PBoC) shows the country continued to increase its gold reserves in June, extending its buying streak to 20 consecutive months.
By the end of June, the nation's gold holdings reached 75.44 million fine troy ounces. This represents an increase from the 74.96 million ounces reported at the end of May.
Despite the increase in physical gold, the total U.S. dollar value of China's gold reserves was reported at $303.72 billion at the end of last month. This is a decrease from the $340.75 billion valuation recorded in May, reflecting changes in the market price of the precious metal.