China intensifies gold accumulation as prices dip

Official data indicates that China's total gold holdings now stand at 2,346 tonnes, following a 40-tonne increase during the first half of the year. This move aligns with a broader trend of institutional accumulation, as central banks seek to establish a price floor for the metal. Analysts point to a persistent structural shift toward de-dollarization, suggesting that nations are increasingly diversifying their reserves away from traditional Treasury markets.

While China remains a dominant force, it is not acting in isolation. The Central Bank of Uzbekistan added 9 tonnes to its own reserves in June, bringing its year-to-date net purchases to 41 tonnes. Meanwhile, the National Bank of Poland continues to lead the global pack, having reported a 64-tonne increase as of May. Experts like Nitesh Shah of WisdomTree anticipate that official-sector demand will likely strengthen further in the second half of the year, particularly as the initial pressures from global energy crises subside and capital flows stabilize.