China's Secretive Gold Buying: Over 40 Tonnes in June Alone

China acquired over 40 tonnes of gold in June via the London OTC market, marking their second-largest monthly purchase since early 2025. This is 167% more than the official 15 tonnes reported by China's central bank. In May, China is estimated to have acquired 48 tonnes through the OTC market, 380% above the officially reported 10 tonnes. Meanwhile, the central bank officially added 20 tonnes in July. Year-to-date, China has officially increased its gold reserves by 60 tonnes to a record 2,366 tonnes. However, China is believed to have acquired an estimated 88 tonnes through the OTC market in just May and June, more than the amount officially reported for the entire year so far.