PBoC Gold Purchases: Secretive Accumulation on the International Market

It's pretty well known amongst gold bugs that official Chinese gold reserves are spectacularly understated and under-reported.  By extension, it's logical to deduce that they are manipulating prices lower as they continue their accumulation of gold--for different reasons than western central banks.

The latter suppress gold prices to mask fiscal insolvency and financial mismanagement of their respective country's treasuries.  The Chinese hold down gold prices to buy low.

At some point, they will have enough and the springboard in gold prices will be released.

https://www.bullionstar.com/gold-university/chinese-central-bank-gold-buying