The PBoC added 2 tonnes of gold in July, marking its ninth straight monthly purchase and lifting official reserves to 2,300 tonnes, or 6.8% of total holdings, according to the World Gold Council. Year-to-date, China has bought 21 tonnes. However, gold imports slumped 45% month-on-month in June to 50 tonnes amid weak wholesale demand, taking Q2 imports to 250 tonnes, down 18% from 2024. In H1, imports plunged 62% year-on-year to 323 tonnes, reflecting a sharp slowdown in domestic buying.
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