In July, the central banks of major countries continued to make significant purchases of gold to increase their gold holdings.

Of these, China’s Popᴜlar Bank was the largest buyer in July, adding 23 Tons of gold to its holdings.

China has a history of constantly accumulating its reserves and then remaining silent for long periods of time.

During the period from 2002 to 2019, China’s People’s Bank accumulated 1,448 tons of gold and has almost no more money to continue trading since last fall.

In fact, there has always been speculation that China possesses more gold than it officially reveals.

In addition to China, another “power” that is also increasing gold purchases is Türkiye.

According to statistics, the total amount of oil consumed by the central banks in 2022 will be 1,136 tons.

According to the Global Gold Council’s recently released 2023 central bank gold holdings survey, 24% of central banks plan to add gold to their holdings in the next 12 months.