In July, global central banks purchased 44 tonnes of gold, with 35 tonnes attributed to China through undisclosed channels, while the People’s Bank of China (PBOC) officially reported only about 20 tonnes. This gap suggests China’s acquisitions are nearly double what official figures indicate, in line with a broader trend of gold accumulation by central banks documented by the World Gold Council. Analysts are closely monitoring these developments, as this additional demand could support higher gold prices going forward. Prediction markets currently assign a low probability to gold reaching $15,000 by the end of 2026, but China’s increased purchases could shift long-term expectations.
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