Gold7 Aug 2025 15:43
BoE cuts interest rates while Gold and silver prices are higher and hit two-week highs in early U.S. trading Thursday. News that China’s central bank continues to add to its gold reserves and more bullish near-term technical postures in both gold and silver recently are supporting buying interest in the metals today. December gold was last up $20.00 at $3,453.50. September silver prices were last up $0.70 at $38.58.
The People’s Bank of China increased its gold reserves in July, marking nine straight months of purchases that are helping it diversify its holdings away from U.S. dollars. Bloomberg reported gold held by the central bank increased by 60,000 troy ounces, to 73.96 million troy ounces last month. This brings the total of purchases since last November to around 36 tons. Buying by central banks, including China’s, is among the key drivers of the 30% rally that gold has seen this year. While the central bank buying spree is expected to continue, the pace has slowed amid elevated gold prices.
https://www.kitco.com/news/article/2025-08-07/price-gains-gold-chinas-central-bank-stocking