China's central bank buys the dip, increasing gold reserves by 15 tonnes in June

Central banks reportedly used gold’s selloff last month as an opportunity to tactically add to official gold reserves, with the People’s Bank of China remaining the dominant buyer. The news is largely explanatory of reserve-building behavior rather than a new catalyst, implying limited near-term market impact.

Analysis

Central banks reportedly used gold’s selloff last month as an opportunity to tactically add to official gold reserves, with the People’s Bank of China remaining the dominant buyer. The news is largely explanatory of reserve-building behavior rather than a new catalyst, implying limited near-term market impact.