China’s central bank added to its gold reserves in October — extending a buying streak to two years — as the precious metal fell almost 7% to end the month below the $4,000-an-ounce support threshold.
Bullion holdings at the People’s Bank of China rose by 830,000 ounces in October, or around 25.8 metric tons, according to official data released Saturday. That’s the 24th consecutive month of accumulation.
PBOC was the biggest disclosed buyer among global central banks in the third quarter, World Gold Council data showed. Cumulative official-sector purchases reported by the WGC were a net 321 tons in the July to September period.
Bullion touched a one-year low last month and recorded its biggest October decline since the global financial crisis in 2008. It’s rebounded since the US midterm elections this week, but remains down by more than a fifth since the Iran war began in late February.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing