Markets
China's Central Bank Purchases 20 Tons of Gold Amid Global Buying Surge
In August, China's central bank, the People's Bank of China (PBOC), acquired an additional 20 tons of gold, marking its 22nd consecutive month of purchases. This brings China's total gold acquisitions for the year to 80 tons, raising its official gold reserves to approximately 2,387 tons, which constitutes about 9% of its total reserves, according to the World Gold Council.
Globally, central banks reported net purchases of 39 tons in August, contributing to a year-to-date total of 170 tons. Poland remains the leading buyer, having added 8 tons in August for a total of 98 tons this year, while Uzbekistan and Kazakhstan have also made significant purchases, adding 8 tons and 7 tons respectively.
Marissa Salim, senior research lead for Asia-Pacific at the World Gold Council, noted that global central banks are maintaining a steady pace in gold accumulation. In contrast, Russia and Jordan have sold portions of their gold reserves, with Russia selling 6 tons and Jordan 3 tons in August.
As of now, gold is trading at approximately $4,105 per ounce.
FAQ
How much gold did China's central bank purchase in August?
China's central bank, the People's Bank of China (PBOC), purchased an additional 20 tons of gold in August.
What is the total amount of gold acquired by China in 2023?
As of August 2023, China has acquired a total of 80 tons of gold for the year.
What percentage of China's total reserves does gold constitute?
Gold constitutes about 9% of China's total reserves.
Which country was the leading buyer of gold in August 2023?
Poland was the leading buyer, having added 8 tons of gold in August for a total of 98 tons this year.
What is the current trading price of gold?
Gold is currently trading at approximately $4,105 per ounce.