China’s central bank has continued its gold-buying spree, adding 740,000 ounces to its reserves in September. This marks the 23rd consecutive month of accumulation for the People’s Bank of China, which is one of the largest gold buyers globally. The purchases come as bullion prices weaken, approaching the $4,000-per-ounce mark.
The latest data, released on Wednesday, shows that the central bank has intensified its gold purchases in recent months following a decline in prices. This buying streak, nearing two years, underscores China’s strategic focus on bolstering its gold reserves amid fluctuating market conditions.
The People’s Bank of China has been a key player in the gold market, and its sustained buying activity highlights the country’s long-term investment strategy. Analysts will be watching closely to see if this trend continues, especially as gold prices remain volatile.