China Accelerates Gold Buying Amid Economic Stimulus Efforts

The World Gold Council has reported that official buying of gold in China accelerated in August. According to the council's data, the Chinese government increased its purchases of the precious metal from July to August, with imports rising by 16%.

This increase in demand is attributed to the country's continued economic stimulus efforts and the desire to diversify its foreign exchange reserves. The Chinese central bank has been actively buying gold over the past few years to reduce its dependence on the US dollar.