China’s central bank buys gold for 15th consecutive month | Metals Mine

  • China’s central bank buys gold for 15th consecutive month

    From brecorder.com

    China’s central bank extended its gold buying spree for a 15th month in January, data from the People’s Bank of China (PBOC) showed on Saturday. The country’s gold holdings rose to 74.19 million fine troy ounces by the end of January, up from 74.15 million the previous month. The value of China’s gold reserves increased to $369.58 billion at the end of last month from $319.45 billion a month earlier, according to the PBOC. Gold, long seen as a safe-haven asset to hedge against political and economic risks, saw a wild run in a speculative buying spree in January that took it to a record near $5,600 per ounce. ... (full story)

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