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China Starts Buying Gold Again After Six Months—Could This Shake Up Prices?

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mining.com
mining.com

After a six-month pause, the People’s Bank of China (PBOC) has resumed gold purchases. This move has drawn attention as analysts consider its potential impact on the global market.

The PBOC announced on Saturday that it had restarted gold acquisitions last month as it finalized a six-month hiatus. This marks the first time since May that the bank has bought gold, following an 18-month buying spree. The renewed purchases are expected to reinvigorate China’s domestic gold demand.

China claimed the title of the world’s largest official gold buyer last year. With the resumption of purchases, China’s gold reserves grew from 72.8 million ounces at October’s end to 72.96 million ounces by November’s close.

However, due to falling gold prices, the value of these holdings declined from $199.06 billion in late October to $193.43 billion at the end of November.

November saw gold prices trend downward, influenced by U.S. political developments and shifting investor sentiment.

Selling pressure intensified amid speculation about former President Donald Trump’s potential re-election bid, leading to the first monthly decline in gold prices since June.

Gold spot prices have fallen 5% since hitting a record high of $2,790.15 per ounce on October 31. Despite this recent dip, gold has posted an impressive 28% gain year-to-date.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, suggests that the PBOC’s decision to resume gold purchases indicates a willingness to bolster reserves, even in the face of record-high prices.

theguru
content@viewusglobal.com

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