China will resume gold purchases in November after a 6-month hiatus



And it was People’s Bank of China The world’s biggest official buyer of gold in 2023 Continued buying could support demand from Chinese investors, which has been muted since China’s central bank halted an 18-month buying spree until May last year.

Holdings increased China of gold at 72.96 million ounces at the end of November, compared to 72.80 million ounces in the previous month.

The value of reserves is reduced gold China’s at $193.43 billion at the end of last month from $199.06 billion at the end of October.

November witnessed the first monthly decline in the price of gold since June due to a wave of selling experienced by the markets American elections Which was won by Donald Trump.

Prices for the yellow metal have fallen 5 percent since hitting a high of $2,790.15 an ounce on Oct. 31, but are still up 28 percent this year.

“Continued buying will send a signal that the People’s Bank of China is used to these record price levels and is ready to build reserves regardless,” Ole Hansen, head of commodity strategy at Saxo Bank, told Reuters.





Source link

اترك ردّاً

لن يتم نشر عنوان بريدك الإلكتروني. الحقول الإلزامية مشار إليها بـ *