People's Bank of China (PBOC) data shows that as of the end of July 2026, China's gold reserves reached 76.08 million ounces, an increase of 640,000 ounces from the end of June, marking the 21st consecutive month of accumulation. The single-month increase in July was higher than June's 480,000 ounces, indicating a further acceleration in the pace of gold purchases. Meanwhile, international spot gold briefly surpassed $4,300 per ounce this week, reaching a new high since June, and UBS expects gold prices to potentially rise to $5,000 per ounce in the first half of 2027.