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China to Continue Increasing Gold Reserves in 2016
Jan. 08, 2016 09:25AM PST
Precious Metals Investing
Reuters reported that China increased its gold reserves in December. The Asian nation bought over 100 tonnes of the yellow metal in the second half of 2015, and analysts are now predicting that it will continue buying at the same pace in 2016.
Reuters reported that China increased its gold reserves in December. The Asian nation bought over 100 tonnes of the yellow metal in the second half of 2015, and analysts are now predicting that it will continue buying at the same pace in 2016.
As quoted in the market news:
More purchases by the world’s sixth largest official sector gold holder could lend support to international prices of the precious metal, which are currently near nine-week highs amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions.
China’s gold reserves stood at 56.66 million troy ounces at the end of December, versus 56.05-million ounces in November, the People’s Bank of China (PBOC) said on Thursday.
In tonnage terms, China’s reserves increased by 19 t in December to 1 762.323 t. PBOC’s purchases in the second half of the year totalled about 104 t.
