China's Central Bank Extends Gold Buying Streak to 20 Months

The People's Bank of China has extended its gold reserve accumulation policy into its 20th month. As of the end of June, total gold reserves rose to 75.44 million fine troy ounces. This indicates that the bank has been steadily increasing its reserves through regular purchases. However, the dollar value of gold reserves declined to $303.72 billion over the same period. This decline is attributed to fluctuations in global gold prices. The price effect caused the total value to decrease despite the increase in quantity. This move by the People's Bank of China highlights the continued interest in gold among central banks. The prolonged purchase program is seen as part of a strategy to diversify reserves and reduce dependence on the dollar. This is not investment advice.

📊 GLD — Piyasa Yorumu

▲ up · 65%

The People's Bank of China's uninterrupted gold purchases for 20 consecutive months indicate strong institutional demand for the precious metal. This trend can be seen as a supportive factor for GLD prices. Technically, while the RSI at 67.8 is approaching overbought territory, the MACD remains above its signal line and is positive. The short-term uptrend may continue, but caution is warranted due to overbought signals.

RSI 14

67.8

MACD

2.47

24h Δ

-0.81%

📊 GOLD — Piyasa Yorumu

▲ up · 65%

The news indicates strong institutional demand for gold, providing a positive foundation for GOLD stock. Technically, the stock has risen 6.3% in the last 24 hours, with the RSI at 60.6, maintaining an upward trend without entering overbought territory. Although the MACD line is just below the signal line, the price above the 20- and 50-day moving averages supports short-term momentum. However, the pace of the recent rally and the RSI above 60 may trigger some profit-taking in the near term. Therefore, the upside expectation is supported with moderate confidence.

RSI 14

60.7

MACD

0.57

24h Δ

6.34%

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