China's central bank extends gold buying streak to 22 months, largest monthly purchase since 2023

The People's Bank of China added 650,000 ounces of gold in August, marking the 22nd consecutive month of purchases and the largest monthly increase since 2023. This signals continued official-sector diversification away from dollar assets, supporting gold prices and reflecting broader de-dollarization trends. The scale of the purchase suggests sustained strategic accumulation, though the central bank's future pace remains uncertain.