China gold buying spree continues in July as reserves climb for a 21st consecutive month

China’s central bank extended its gold-buying streak to a 21st straight month in July, signaling continued official demand support for bullion. China’s reported gold reserves rose to 76.08 million troy ounces from 75.44 million in June, while the value of holdings increased to $306.35 billion from $303.72 billion. The article suggests the buying trend could help stabilize gold prices after a softer May and support further upside if recent strength continues into August. It also notes a weaker dollar, ongoing geopolitical tensions in the US-Iran conflict, and a two-month consolidation above the $4,000 level as additional macro factors influencing gold. However, higher bond yields and a more hawkish central-bank backdrop could still pressure the metal in the second half of the year.