China likely to continue buying gold | Metals Mine

  • China likely to continue buying gold

    From ecns.cn

    China may continue increasing its official gold reserves to enhance financial security, as part of a broader trend among central banks worldwide to diversify their international reserve holdings — a development that could prop up investment demand for the precious metal, analysts said on Thursday. They commented as China's official gold reserves came in at 73.96 million ounces at the end of July, up from 73.9 million ounces a month earlier, marking the ninth consecutive month of rises, the State Administration of Foreign Exchange said on Thursday. Wang Qing, chief macroeconomic analyst at Golden Credit Rating ... (full story)

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