China Extends Gold Buying Streak to 23rd Month

China's central bank has extended its gold-buying streak to 23 months straight, adding to its reserves in September despite volatile gold prices. The People's Bank of China increased its holdings to 77.47 million fine troy ounces, up from 76.73 million ounces in August.

The value of China's gold reserves dropped to US$323.52 billion at the end of September from US$350.08 billion a month earlier. This decline came as gold prices fell over 6% in September. Spot gold was trading at around US$4,147.47 per ounce on Wednesday at 0244 GMT.