China's central bank buys gold in August for 10th month in a row

BEIJING, Sept 7 (Reuters) - China's central bank added gold to its reserves in August, extending purchases of bullion into a 10th straight month, official data showed on Sunday.

Traditionally seen as a safe haven asset during times of uncertainty, gold is up 35% this year, having hit a record high last week, amid strong investment demand and purchases by central banks in China and some other countries.

China's gold reserves stood at 74.02 million fine troy ounces at the end of August, up from 73.96 million at the end of July.

They were valued at $253.84 billion, up from $243.99 billion at the end of the previous month, according to data released by the central bank.

"While China's gold purchases have slowed so far in 2025, the People's Bank of China has added to its bullion reserves at ever higher prices," said Adrian Ash, head of research at online marketplace BullionVault.

"Beijing's continued accumulation is a clear signal of its faith in gold as a long-term reserve. That also supports confidence in gold among China's private households and investors."

Demand for physical gold in the world's largest producer, which is also a top consumer of the metal, was weak this week, due to high prices, with dealers offering discounts over the global benchmark to attract buyers.