China Boosts Gold Reserves Again

China's central bank, the People's Bank of China (PBOC), announced a second consecutive monthly increase in its gold reserves in December 2024, with an addition of approximately 10 metric tons.

China's central bank, the People's Bank of China (PBOC), increased its gold reserves for the second consecutive month in December 2024, raising holdings to 73.29 million fine troy ounces from 72.96 million in November—equivalent to an addition of approximately 10 metric tons. This renewed accumulation follows a six-month pause and underscores the PBOC's ongoing commitment to diversifying its reserves, even as gold prices reached record highs in 2024, fueled by steady accumulation by international central banks, U.S. monetary easing, and heightened safe-haven demand.