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China's Central Bank Resumes Gold Purchases, Pushing Reserves to Record Highs
Dec 9, 2024, 01:18 AM
China's central bank, the People's Bank of China (PBOC), has resumed purchasing gold for its official reserves after a six-month hiatus, adding 160,000 fine troy ounces in November. This move has pushed China's total gold reserves to a record 72.96 million fine troy ounces, or 2,269 tonnes. The PBOC's decision to buy gold again comes amidst a backdrop of geopolitical tensions and economic uncertainty, which have driven gold prices to historic highs. The increase in China's gold holdings reflects a continued strategy of diversification, with gold demand in the country remaining robust. This development has bolstered gold prices, which have risen by 28% year-to-date, and has led to a 1% gain in gold prices on the news.
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