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Chinese central bank resumes reporting gold purchases
Reuters keeps pretending they stopped.
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China's Central Bank Resumes Gold Purchases After Six-Month Hiatus
By Polina Devitt, Qiaoyi Li, Ryan Woo, and Winni Zhou
Reuters
Saturday, December 7, 2024
SHANGHAI -- China's central bank resumed buying gold for its reserves in November after a six-month pause, official data by the People's Bank of China showed today.
The PBOC was the world's largest official sector buyer of gold in 2023. Resumption of its purchases may support Chinese investor demand, which was muted since the PBOC paused its 18-month buying streak in May.
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China's gold holdings rose to 72.96 million fine troy ounces at the end of November, up from 72.80 million troy ounces a month earlier. ...
"The resumption will send a signal that the PBOC has grown accustomed to these record high price levels and is prepared to build reserves regardless," said Ole Hansen, head of commodity strategy at Saxo Bank.
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