China’s appetite for gold remains strong: China’s non-monetary gold imports jumped +64% MoM in July, or 104 tonnes, the second-highest reading this year. Non-monetary gold imports reflect demand from households, jewelers, and private investors. This is ~9% above the 5-year average of 95 tonnes. China is the world’s biggest market for gold, and its demand has been a major driver of the gold rally. Meanwhile, the People’s Bank of China increased its gold holdings for the 10th consecutive month in August, reaching a record 74 million ounces. China’s demand for gold shows no sign of slowing.(The Kobeissi Letter)