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China conceals gold purchases for sixth straight month
China's Central Bank Pauses Gold Purchases for Sixth Straight Month
By Qiaoyi Li, Ryan Woo, and Anushree Mukherjee
Reuters
Thursday, November 7, 2024
BEIJING -- China's central bank refrained from purchasing gold for its reserves for the sixth consecutive month in October, according to official data released today.
China's gold holdings stood at 72.8 million troy ounces at the end of last month. The value of the gold reserves, however, rose to $199.06 billion from $191.47 billion at the end of September.
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Bullion prices have surged about 33% this year, on track for the largest annual gain since 1979, driven by the start of U.S. Federal Reserve's interest rate cut cycle, geopolitical tensions, uncertainty surrounding the U.S. Presidential election, and strong demand from central banks. ...
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