Disseminated on behalf of Lake Victoria Gold Ltd.
Dallas, TX â China’s central bank made its largest monthly gold purchase in nearly three years in June, even as bullion posted its worst month since the 2008 financial crisis, according to a report from WallStreetPR. Read the full report here.
The People’s Bank of China added roughly 15 tonnes of gold last month, extending an unbroken buying streak to 20 consecutive months, the longest since the bank began publishing regular reserve data in 2015. The purchase came as spot gold fell more than 11% in June and briefly dropped below $4,000 an ounce for the first time since November, pressured by a stronger dollar and a more hawkish Federal Reserve.
While Western institutional investors pulled back, China accelerated its buying every month this spring, according to the report. Analysts say the divergence underscores a broader push by sovereign buyers to diversify reserves away from the U.S. dollar, though no official policy tying the purchases to a gold-backed currency has been announced.
The buying extends beyond bullion. Chinese mining companies have moved aggressively into African gold production over the past year. Zijin Mining agreed in January to acquire Toronto-listed Allied Gold in a deal worth roughly $4 billion, gaining producing mines in Mali and Côte d’Ivoire along with a development project in Ethiopia. A subsidiary of Chinese defense contractor Norinco separately raised its stake in a gold project in Sudan.
The moves come as global exploration spending on new discoveries has fallen to its lowest level on record, while spending near existing mines has climbed, according to data cited in the report. Africa was one of the few regions where exploration budgets grew last year.
The report also profiles several companies operating in Tanzania’s Geita gold belt, where Chinese capital and Western mining activity increasingly overlap. Barrick Mining (NYSE: B) and AngloGold Ashanti (NYSE: AU) both operate major mines in the region, while smaller developers, including TRX Gold (NYSE: TRX) and Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), are advancing nearby projects. TRX Gold reported record quarterly production and a 59% gross margin in its most recent results, the report said. Lake Victoria Gold has moved personnel and contractors onto its Imwelo project ahead of a targeted construction start this quarter, backed in part by a gold-denominated loan facility.
Goldman Sachs has trimmed its 2026 gold price forecast but remains above current spot levels, the report noted, citing analysts who described their outlook as structurally constructive despite near-term caution.
The full report details the financing, production data and analyst commentary behind the shift, along with a broader look at the companies positioned across Africa’s gold belt as Chinese demand continues unabated.
Read the complete analysis at WallStreetPR.
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