China’s central bank refrained from purchasing gold for its reserves for the fifth consecutive month in September, primarily due to a spike in gold prices, according to official data.
As of the end of September, China’s gold holdings amounted to 72.8 troy ounces, while the value of these reserves increased to $191.47 billion from $182.98 billion at the end of August.
Gold prices have increased about 28 percent this year, and they are on track for the largest annual rise in 14 years. This surge is driven by the Federal Reserve starting to cut interest rates, ongoing geopolitical tensions, and strong demand from central banks.