The gold markets have finally caught up with how much gold China's central bank (the People's Bank of China or PBOC) has bought. Here is the chart:
As you can see, the surge in buying started when the Ukraine war started in 2022.
As soon as the Biden administration froze Russia's foreign reserves and kicked them out of the SWIFT international payments system, alarm bells started to ring in the rest of the world. What if the Biden people took a dislike to other countries and froze their reserves on a whim? It suddenly became too risky to hold dollars.
This applied to China more than others; under the Trump and Biden administrations, the USA stopped regarding China as an economic partner, and started regarding them as a threat.
China runs huge trade surpluses, and used to park excess dolllars in US Treasuries. Now they buy gold with it.
The gold markets have finally caught on how much gold they've bought - and crucially, how much gold they'll continue to buy.