China Resumes Gold Purchases for Reserves, Adding 72.96 Million Ounces

Dec 7, 2024, 05:30 AM

China has resumed purchasing gold for its reserves after a six-month hiatus, with the central bank increasing its gold holdings to 72.96 million fine troy ounces by the end of November 2024. This decision comes as the country's foreign exchange reserves reached $3.2659 trillion, marking a 0.15% increase from the previous month. The resumption of gold purchases reflects changes in China's reserve management strategy, possibly influenced by the drop in gold prices in November. The move is seen as a signal of China's economic policy direction amid strengthening economic growth.