China's Central Bank Boosts Gold Reserves for 22 Consecutive Months
China's central bank continues to boost its gold reserves for the 22nd consecutive month. As of August, its holdings reached 76.73 million ounces, a significant increase from the previous month's total.
The scale of China's gold reserve expansion is substantial, with an additional 650,000 ounces added in just one month. This trend has been ongoing for nearly two years, sparking optimism among investors about the future direction of gold prices.
Gold prices surged on September 8, with London spot gold rising nearly 1% to surpass $4,400 per ounce and New York futures breaking through $4,440. Investment banks are now even more bullish, setting target prices that could see gold reach as high as $5,000 an ounce in the coming months.
Goldman Sachs believes the bull market for gold is not yet over, viewing the current period as a 'prolonged pause' due to strong sovereign and institutional buying support. Similarly, Citi has set a target price of $4,800 per ounce within three months and $5,000 per ounce in six to twelve months.