China gold reserves rise most since 2023

SHANGHAI/BEIJING: China's central ​bank reported its biggest ​monthly increase in gold reserves in ​more than two and a half years in June, official data showed on Tuesday, although bullion prices tumbled.China's ‌central bank ⁠maintained ⁠gold purchases for a 20th straight month, with ​its reserves hitting 75.44 million fine troy ounces by the ​end of June, versus 74.96 million a month earlier.

The 480,000-ounce rise, equivalent to near 15 ​metric tons, marked the biggest ⁠monthly addition ‌since October 2023, when holdings ​rose by ​740,000 ounces, according to data ⁠from the People's Bank of China.Also read: India has got a $5 trillion sleeping giant: Can govt wake it up?The value of ​the country's gold reserves, however, ​declined, amounting to $303.72 billion at the end of last month, down from $340.75 billion in May, the data showed.The rise came despite a sharp decline in gold prices. ‌Spot gold tumbled 11.65% in June, the worst since October 2008, while breaking ​below the $4,000 ​an ounce ⁠mark briefly.

The dollar strengthened and traders priced in a higher chance that the Federal Reserve would ​keep interest rates elevated.

The Iran war also kept concern that inflation could remain sticky despite peace talks. ...