Russia's partner sharply increased gold purchases
Quick Look
In September, China continued its 23-month cycle of increasing gold reserves, purchasing 740 thousand ounces of gold as its prices fell by more than six percent.
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Why It Matters
China continues its long cycle of increasing gold reserves.
In September, China continued its 23-month cycle of increasing gold reserves. Bloomberg reported this.
According to him, last month China purchased 740,000 ounces of gold. It is noted that Beijing has stepped up purchases of gold, taking advantage of lower prices for this metal, which fell by more than six percent in September. This is due to the fact that a sharp jump in energy costs caused by the Middle East conflict prompted the US Federal Reserve to raise interest rates.
The agency emphasized that according to a survey of 74 central banks, 45 percent of them announced plans to purchase gold next year.
During trading on October 6, the exchange price of gold dropped below $4,150 per troy ounce for the first time since September 28. Analysts attributed this to the tightening of monetary policy by the US Federal Reserve.
Open Questions
- What are the future volumes of gold purchases by the Chinese Central Bank?
