China Ramps up Gold Purchases, Posting the Biggest Increase in 3 Years
19 Articles
19 Articles
The stock of bars at the People's Bank of China increased by 830,000 ounces, or approximately 25.8 tons, in October.
China ramps up gold purchases, posting the biggest increase in 3 years
China's central bank ramped up its gold purchases for the eighth straight month in October, posting the biggest monthly increase in its official gold reserves in over three years, official data showed on Saturday.
The Central Bank of China strengthened its gold reserves by about 25.8 tons during October, continuing to purchase for the 24th consecutive month, despite falling prices of 7%, with purchases rising from the beginning of 2026 to 129 tonnes.
Amid plummeting international gold prices, the People's Bank of China (PBOC), China's central bank, has been buying gold for the 24th consecutive month by increasing its purchase volume. According to statistics released by the PBOC on the 7th, gold holdings stood at 78.3 million ounces at the end of October, an increase of 830,000 ounces (approximately 25.8 tons) from the previous month. Gold purchases, which began in November 2024, continued fo…
(Beijing=Yonhap News) Correspondent Kim Hyun-jung = The People's Bank of China, the country's central bank, continued its buying spree for the 24th consecutive month despite the sharp drop in international gold prices.
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