China Extends Gold-Buying Streak to 24 Months in October
The central bank added 830 thousand ounces to reserves as gold fell about 7% during October, according to official figures.
Key takeaways
- China's central bank added 830 thousand ounces of gold in October.
- The purchase marked a 24th straight month of reserve accumulation.
China’s central bank added 830 thousand ounces of gold to its reserves in October, extending its buying streak to 24 months, official data showed Saturday. The increase was about 25.8 metric tons.
Gold fell about 7% in October and finished the month below $4,000 an ounce. The People’s Bank of China added about 129 tons in the first 10 months of the year, while World Gold Council data showed it was the largest publicly disclosed central-bank buyer in the third quarter.
Central banks bought a net 321 tons from July through September, the highest quarterly total since the fourth quarter of 2024, according to the council. Gold futures last traded at $4,074.90, down 0.94% from the previous close, as of Friday evening.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
