Why are India and China continuing to buy gold?

Why are India and China continuing to buy gold?

India and China increase gold reserves, while the U.S. holds the most gold. Why are countries hoarding gold now?

China adds more gold to its coffers for sixth straight month

People’s Bank of China signals continued desire to reduce dependence on the dollar and US treasury bonds

China Keeps On Adding Gold to Reserves as Challenges Stack Up

China expanded its gold reserves for a sixth straight month in April, underlining its push to boost holdings of the precious metal as prices trade near a record and the trade war rumbles on.

China lifts gold reserves for sixth straight month

CHINA expanded its gold reserves for a sixth straight month in April which increased by about 70,000 ounces, said Bloomberg News citing data on Wednesday. In the latest six-month span, volumes have climbed by close to 1 million ounces, or about 30 tons. The increase underlined China’s push to boost holdings of the precious metal as prices trade near a record and the trade war rumbles on, the newswire said. Gold has rallied to successive records …