Currency exchange rate data from financial markets

China's Gold Buying Spree Hits Record, Dubbed 'Modern Day Gold Rush'

May 6, 2024, 02:09 AM

China's gold imports are skyrocketing, with the country adding more to its reserves last year than in nearly five decades. The New York Times highlighted this trend as a 'modern day gold rush.' China has been consistently buying gold for 17 consecutive months, surpassing any other central bank globally in 2023. This surge in gold acquisition is part of China's strategy to diversify investment alternatives away from volatile markets and reduce exposure to the U.S. dollar by using foreign currencies for purchases. The trend reflects a broader interest in gold investment amid ongoing economic uncertainties and market speculations within China.