China Bought the Most Gold Since 2023 in July. Here’s Why.

China’s central bank just recorded its largest single-month gold purchase since October 2023. The number is notable. The structural reason behind it — a 19-percentage-point reserve allocation gap that no short-term price move will close — is what every gold owner needs to understand.
China Just Bought Its Most Gold Since 2023. It Did It During the Quarter Gold Fell 16%.

The People’s Bank of China added 14.93 tonnes of gold in June 2026, its largest single-month purchase since 2023 and its 20th consecutive month of buying. It happened during gold’s worst quarterly decline in thirteen years. Here is why the world’s most sophisticated reserve managers keep buying regardless of what the price does.
