China’s central bank, the People’s Bank of China (PBOC), refrained from purchasing gold for the third consecutive month in July, maintaining its gold reserves at 72.8 million fine troy ounces. Despite the unchanged quantity, the value of these reserves increased to $176.64 billion due to rising gold prices, which have surged 16% this year. Analysts suggest that the PBOC’s pause is due to elevated gold prices, and purchases may resume if prices decline. The PBOC remains a significant player in the gold market, having been the largest buyer in 2023, but its current strategy reflects caution amid high prices.