|
China's gold holdings stood at 72.8 million fine troy ounces at
the end of last month. The value of the gold reserves, however,
rose to $182.98 billion compared with $176.64 billion at the end
of July.
Gold prices have been rising this year amid bets that U.S. rate
cuts are imminent and due to safe-haven demand driven by
geopolitical and economic uncertainty, with central banks making
robust purchases. [GOL/]
Gold prices have surged 21% so far this year and are hovering
slightly below a record high of $2,531.60 hit on Aug. 20.
Prior to the pause in its purchases, the People's Bank of China
(PBOC) had bought gold for 18 consecutive months.
The central bank was the world's largest single buyer of gold in
2023 and its decision to put its buying on hold has helped mute
Chinese investor demand in recent months. [GOL/AS] The PBOC is
expected to resume purchases at some point despite high prices
due to political, rather than economical, motivations, such as
its desire to be less dependent on the U.S. dollar as a reserve
asset, said Carsten Menke, an analyst at Julius Baer.
(Reporting by Polina Devitt in London, Qiaoyi Li and Ryan Woo in
Beijing; Editing by Edwina Gibbs)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
