China Buys Gold for 23rd Consecutive Month, Raising Reserves to 77.47 Million Ounces
China increased its gold reserves by 740,000 ounces in September to 77.47 million ounces, marking its 23rd consecutive month of purchases, accompanied by inflows into domestic gold funds.
The Chinese central bank increased its country's gold reserves by 740,000 ounces during last September, reaching 77.47 million ounces at the end of the month, according to Jiemian News.
This marks the twenty-third consecutive month in which China has purchased gold, as reserves rose from 76.73 million ounces at the end of August to 77.47 million ounces at the end of September, reflecting the central bank's continued strengthening of its holdings of the yellow metal.
The report noted that domestic gold exchange-traded funds recorded inflows tracking gold prices in the local Chinese market, indicating growing domestic appetite for the metal.
China's continued gold purchases fall within a broader trend among central banks toward increasing their holdings of the precious metal, which provides official demand for gold with sustained momentum, as reported by Jiemian News.
What Do These Terms Mean?
Gold Reserves: The amount of gold held by a central bank in its vaults, considered part of the country's foreign exchange reserves.
Ounce: A unit of measurement for the weight of gold and silver equal to about 31.1 grams, which is the most widely used unit for pricing precious metals globally.
Exchange-Traded Funds (ETF): Investment funds traded on stock exchanges like stocks that track the price of a commodity or index, allowing an investor to buy a share in them instead of holding physical gold.
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