Central Banks Continue Gold Accumulation, Led by Poland and China

Central banks globally are continuing to increase their gold reserves. The National Bank of Poland added 8 tonnes in July, bringing its year-to-date purchases to 90 tonnes. The People's Bank of China (PBoC) also acquired 20 tonnes in July, marking its 21st consecutive month of gold accumulation. Additionally, the Bank of Korea (BOK) announced its first official gold allocation in 13 years, estimated at US$250 million (approximately 2 tonnes), with plans to purchase domestically refined gold to diversify reserves and hedge against inflation and geopolitical risks.