China Has Been Increasing Gold Reserves for 12 Months: Latest Data

Important Step from the People's Bank of China

The People's Bank of China continued to increase its gold reserves in October following record-level gold prices. The reserve amount, which was 74.06 million ounces in September, rose to 74.09 million ounces in October. This increase marks 12 consecutive months of growth in China's gold reserves.

Demand for Gold as a Safe Haven

Following the trade agreement between the US and China, demand for bullion gold seen as a safe haven decreased, which helped in the recovery of prices. However, it has been noted that gold prices are moving towards their best annual performance since 1979 due to positive economic indicators such as US interest rate cuts.