Bloomberg News: China's PBOC Extends Gold-Buying Streak as Metal's Rally Cools
Article by Yihui Xie in Bloomberg News
China’s central bank added to its gold reserves for a 13th straight month, according to data released on Sunday.
Bullion held by the People’s Bank of China rose by 30,000 troy ounces last month, bringing the total to around 74.12 million troy ounces. The current buying cycle began in November 2024.
Gold has consolidated above the $4,000-an-ounce mark after pulling back from a peak in October and remains on track for its best year since 1979.
Rising expectations that the Federal Reserve will cut borrowing rates at its Dec. 9-10 meeting are supporting the metal, while the market is also expecting the next Fed chair to take a more dovish approach to monetary policy.
Central-bank purchases worldwide ramped up in October after a ......