The People’s Bank of China (PBoC) also did not buy gold in October, according to data published last Thursday, points out Commerzbank commodities analyst Carsten Fritsch.
More Gold is now available for private households
“Consequently, the PBoC’s gold reserves remained unchanged for the sixth consecutive month at 72.8 million ounces or 2,264 tonnes. The lack of buying interest from the PBoC caused central banks’ gold purchases to fall. to 186 tons in the third quarter, almost half the amount purchased in the previous year.”
“At the same time, China needs to import less gold. China’s gold imports through Switzerland fell 13% year-on-year after nine months, and those through Hong Kong fell 17.5% year-on-year. In both cases, “A decline in imports can be observed after the PBoC’s provisional end to gold purchases in April.”
“This is because the PBoC’s decision not to purchase Gold from domestic mine producers means that this Gold is now available to private households.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
