Summary from Kitco News
(Kitco News) – China ramped up its gold purchases in September as bullion prices declined, recording the largest monthly increase in its official reserves in three years, the People’s Bank of China announced on Wednesday.The central bank increased its gold reserves by 21 tonnes last month to 2,196 tonnes as of the end of September, marking the 23rd consecutive month of purchases, according to the PBoC.The massive purchase was the…
Why it matters
Central banks are among the largest buyers of gold. Changes in reserve policy, interest rates or balance sheets can shift demand for bullion and for the currencies it is priced in.
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