PBOC Gold Buying Hits 22-Month Streak, Yet $4,400 Caps Rally
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China's central bank purchased 650,000 troy ounces of gold in August, roughly 20 tonnes, marking its largest single-month addition since 2023 and extending a buying streak to 22 consecutive months.
The pace has accelerated from July's 640,000 ounces, pushing PBOC holdings to 76.73 million ounces. Yet despite this unbroken institutional demand, gold still can't sustainably hold above the $4,400 level.
The divergence highlights how sovereign accumulation alone isn't dictating near-term price action, leaving traders to watch whether persistent central bank demand eventually forces a decisive breakout.