China’s central bank continued to add Gold to its reserves for a tenth straight month in August, ING's commodity experts Ewa Manthey and Warren Patterson note.

Global central banks have slowed their Gold purchases

"The People’s Bank of China added 60,000 troy ounces (about 1.9 tonnes) of Gold to its reserves, taking the total to 74.02 million troy ounces (around 2,302.3 tonnes). China has purchased a total of 1.22m troy ounces (about 38 tonnes) since restarting its purchases in November 2024, as the People's Bank of China continues to boost its Gold reserves amid geopolitical uncertainties."

"Global central banks have slowed their Gold purchases as prices have hit record highs, but ongoing geopolitical tensions are expected to sustain demand, according to the World Gold Council. Gold has rallied to fresh record highs in recent days, climbing above $3,600/oz amid bets on US rate cuts and concerns over the Federal Reserve's independence."