Despite net negative demand in April and May this year, strong buying activity by central banking institutions has returned. There were no notable sales in August, while purchases totalled 77 t. The Chinese central bank added 29 t to its gold reserves in August, continuing a streak of buying that began in November last year. China’s gold reserves have increased by 155 t (4.98 moz) year-to-date, valued at ~$9.1 billion as of Friday’s close. Year-to-date central bank demand has totalled 227 t (source: World Gold Council), in line with the same time last year, excluding the large ‘unreported’ buying seen in Q3’22. It ... (full story)