Gold: Central bank demand underpins rally – ING

FXStreetAug 10, 2026 11:23 AM

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ING’s Ewa Manthey and Warren Patterson report that Gold extended its rally as the People’s Bank of China (PBoC) added 640koz to reserves, marking 21 consecutive months of accumulation. Spot Gold moved above $4,320/oz, supported by ongoing central bank buying and stronger Chinese ETF demand. Speculative net long positions in COMEX gold and silver also increased to multi-month highs.

PBoC buying drives Gold strength

"Gold extended its rally last week after the People's Bank of China increased its gold reserves by 640koz (around 20 tonnes), the largest monthly addition since October 2023."

"Official reserves have now risen for 21 consecutive months as China continues to diversify reserves and strengthen its position in the global bullion market."

"Spot gold climbed above $4,320/oz on Friday, its highest level since mid-June, supported by ongoing central bank buying and stronger Chinese investment demand through gold-backed ETFs."

"Speculative sentiment remained supportive across metals."

"In precious metals, managed money increased net long positions in COMEX gold to the highest level since January, while net longs in COMEX silver rose for the first time in five weeks."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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