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China’s central bank added about 26 metric tons of gold to its official reserves in October, its biggest monthly increase since at least February, extending a buying streak that has accelerated every month since February.
The State Administration of Foreign Exchange reported gold holdings of 78.30 million troy ounces at the end of October, up from 77.47 million in September – a gain of 830,000 ounces, or about 25.8 metric tons. Monthly additions have climbed steadily since February, from 30,000 ounces in February to more than 27 times that in October, according to the agency’s monthly reserve data.
China’s gold holdings have risen in every month from February through October, while its total foreign currency reserves stood at about $3.41 trillion at the end of October, little changed from September. For gold buyers, the data shows a large official buyer accumulating at a quickening pace, steady underlying demand for the metal.
JBizNews Desk | Beijing, China
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