China acquires over 40 tonnes of gold via London OTC market

China has significantly increased its gold holdings through the London Over-The-Counter (OTC) market. In June, the country acquired more than 40 tonnes of gold via the OTC market, marking its second-largest monthly purchase since early 2025. This volume is 167% higher than the 15 tonnes officially reported by the People's Bank of China for the same month.

This trend of unreported accumulation appears consistent with previous months. In May, an estimated 48 tonnes were acquired through the OTC market, which was 380% above the 10 tonnes officially reported. In July, the central bank officially added 20 tonnes, its largest reported monthly purchase since October 2023.

Since the beginning of the year, China has officially increased its gold reserves by 60 tonnes, bringing total holdings to a record 2,366 tonnes. However, the combined estimated OTC purchases for May and June alone total approximately 88 tonnes, exceeding the total amount officially reported for the entire year to date.