China increased its gold holdings to 62.45 million ounces for the ninth consecutive month

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 China increased its gold holdings to 62.45 million ounces for the ninth consecutive month


Chinas gold reserves stood at 62.45 million ounces at the end of August, up 190,000 ounces from 62.26 million ounces in July, according to the latest data from the World Gold Association on August 8. This is the ninth consecutive month that the Central Bank of China has increased its gold holdings. According to the statistics of the World Gold Association, the net purchases of central banks worldwide have exceeded 400 tons since the beginning of this year, which is the highest annual cumulative level since the net purchases of central banks appeared in 2010.

According to the latest report released by the World Gold Association on September 6, central banks around the world are increasing their holdings of gold. By the end of July this year, the global central banks official gold reserves totaled 34,407.58 tons. Among them, the euro area (including the European Central Bank) has a total of 10775.7 tons, accounting for 55.7% of its total foreign exchange reserves; the central banks signatories to the sales agreement have a total of 11941.7 tons, accounting for 30.7% of its total foreign exchange reserves. Russia, China and Kazakhstan are still in the lead in the growth of government reserves.

The rising demand for gold by global central banks and the active trading of gold have contributed to the sustained rise in gold prices. Since this year, international gold prices have continuously reached the $1300, $1400 and $1500 per ounce mark, and have rebounded about 20% from the previous stage low.

Source: CCTV News Client Responsible Editor: Luo Chongwei_NB12082