World central banks continued to increase gold reserves in July

In July, world central banks continued to increase gold reserves - their net purchases amounted to 23 tons, according to data from the WGC (World Gold Council).

The key buyer of the precious metal during the reporting period was the People's Bank of China, which purchased 20 tons. It is noted that since May, its activity in this area has increased, and the monthly volume of purchases began to be in double digits.

At the same time, the Bank of Russia became the largest net seller, selling 6 tons of gold in July, and 50 tons since the beginning of the year, as a result of which the total volume of its gold reserves decreased to 2,277 tons.