After years of no change in gold holdings, China has introduced a rise in its gold reserves for the third consecutive month …
China's gold reserves are rising once more as a rise in holdings has been introduced for the third consecutive month.
BEIJING, March 7 (Xinhua) – China has elevated its gold reserves for a 3rd consecutive month in February, in line with information from the central financial institution.
The nation's gold reserves have been 60.26 million ounces on the finish of final month, a slight improve from January, in line with the Individuals's Financial institution of China (PBOC).
Gold reserves rose to about 79.5 billion US , up from $ 79.three billion the earlier month, the PBOC introduced.
Final yr, central banks launched into a gold shopping for frenzy as they’ve by no means carried out in 50 years.
Is 2019 a brand new yr through which governments and central banks around the globe are embarking on a purchasing frenzy?
Extra details about Xinhua:
Based on the World Gold Council, world demand for gold elevated by four% in a single yr to achieve four,345.1 tons final yr. The quantity of gold purchased by central banks has reached its highest degree since 1971, the yr the greenback parity of bullion disappeared.
In 2018, gold reserves of the world's central banks elevated by 651.5 tons, or 74% from one yr to the subsequent.
As a secure haven, gold will change into extra enticing in 2019 as a consequence of heightened market uncertainties and the enlargement of protectionist financial insurance policies, in line with a World Gold Council forecast.