The People’s Bank of China increased its gold reserves again amidst rising bullion prices exceeding $3,500 | Metals Mine

  • The People’s Bank of China increased its gold reserves again amidst rising bullion prices exceeding $3,500

    From vtmarkets.com

    The People’s Bank of China increased its gold reserves for the tenth consecutive month in August. The bank added 0.06 million troy ounces, bringing total holdings to 74.02 million ounces since it resumed purchases last November. Since the start of the year, gold prices have risen over 30% to above $3,500 per ounce. Factors contributing to this increase include expectations for US rate cuts and concerns about political influence over the Federal Reserve. Goldman Sachs has indicated that further threats to Federal Reserve independence could push gold prices towards $5,000. Although global central bank gold ... (full story)

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