China, the world’s biggest producer and consumer of gold, cut bullion purchases in July as prices soared to the highest level since 2014 after the UK voted to leave the European Union.
The People’s Bank of China increased holdings by 170 000 oz to 58.79-million ounces, or about 1 829 metric tons, according to the central bank. That was the smallest addition since it started to disclose monthly purchases about a year ago, save for May when it bought nothing. The nation announced last year that its hoard has jumped 57% since 2009.
