Official statements from the People's Bank of China or the Ministry of Commerce of China

China's SKYROCKETING Gold Purchases Send Prices to Record Highs

May 5, 2024, 10:07 AM

China has significantly increased its gold purchases, causing global gold prices to soar to record highs. This surge in buying activity, described as 'SKYROCKETING' by observers, has been highlighted by multiple sources, including a recent article in The New York Times. The Chinese market, known for its speculative nature, especially in the context of its troubled property sector and volatile equity markets, is now experiencing a modern-day gold rush. This trend of stockpiling gold by China is seen as a strategic move in the global economic landscape.