Gold soars, but China buys 650,000 ounces; adds most precious metal since 2023

Large economies like India and China have been buying gold for the last few years. While India’s purchases have somewhat reduced, China has increased its gold reserves by the largest amount since 2023 in August, stepping up purchases even as bullion prices climbed sharply during the month. Large economies like India and China have been buying gold for the last few years. While India’s purchases have somewhat reduced, China has increased its gold reserves by the largest amount since 2023 in August, stepping up purchases even as bullion prices climbed sharply during the month.