Gold Digger: Why China will continue to provide support for gold | Stockhead

China’s gold buying momentum shows no signs of slowing, according to analysis cited by Stockhead. The People’s Bank of China has logged its longest streak ever, adding 20 tonnes to foreign exchange reserves in July for 21 straight months of purchases. The World Gold Council says this was the largest monthly addition since October 2023, as lower prices—linked indirectly to the US-Iran war—helped boost demand. Chinese imports were up 138% in the first half to 764 tonnes. S&P Global expects Beijing’s push to be “comprehensive and lasting,” aiming to raise resilience and broaden renminbi use, including building holdings, promoting yuan-based trading, and backing exploration and production.