China Continues to Increase Its Gold Reserves for 13 Months

China's Central Bank Increasing Gold Reserves

The People's Bank of China (PBOC) has been steadily increasing its gold reserves for the past 13 months, according to data released on Sunday. In September, with an increase of 30,000 ounces, the total reserves reached approximately 74.12 million ounces.

Gold Prices on the Rise

Gold prices have entered a recovery phase, surpassing the $4,000 level following the peak in October. As it progresses to potentially have its highest year since 1979, gold continues to be a noteworthy asset for investors.

Impact of Fed's Monetary Policy

Expectations that the U.S. Federal Reserve (Fed) will lower interest rates are increasing demand for gold. The market anticipates that the next Fed chair will adopt a more dovish approach to monetary policy.

Gold Purchases Among Central Banks

According to data from the World Gold Council, after a slowdown in the middle of the year, central bank purchases have accelerated in October. In particular, PBOC aims to gain more influence in the global gold market by offering foreign central banks the option to store their gold in China. Among the countries that have accepted this offer is Cambodia.