China’s Central Bank Adds Gold In Nine-Month Buying Streak
Buying by central banks, including China’s, is among the key drivers of the 30% rally that bullion has enjoyed this year.
Photographer: Milan Jaros/BloombergPeople’s Bank of China increased its gold reserve in July, marking nine straight months of purchases that are helping it diversify its holdings away from US dollars.
Gold held by the central bank increased by 60,000 troy ounces to 73.96 million troy ounces last month, according to data released on Thursday. This brings the total tally of purchases since November — when the current wave of buying started — to around 36 tons.