The People’s Bank of China boosted its gold reserves for a 10th straight month in August as it continues diversifying away from the US dollar.
- added 0.06 million troy ounces
- lifting total holdings to 74.02 million ounces since resuming purchases last November, when it began accumulating 1.22 million ounces overall
- move comes as gold prices have surged over 30% this year to above $3,500 per ounce, driven by expectations of US rate cuts and concerns about political interference in the Federal Reserve.
Goldman Sachs has suggested further damage to Fed independence could propel bullion toward $5,000.
While global central bank buying has slowed with higher prices, the World Gold Council says geopolitical risks should keep official demand resilient.
