Friday, Nov 7: China’s central bank has reported that the country’s gold reserves climbed to $297.21 billion at the end of October, up from $283.29 billion in September, reflecting continued accumulation by the People’s Bank of China (PBoC) amid record-high global gold prices.
Beijing’s steady gold purchases come at a time when the government has stopped disclosing key supply indicators for rare earths, and some analysts say a similar approach may be adopted for gold data in the future. The increased opacity, coupled with policy shifts, highlights China’s strategic efforts to manage information flow around critical resources.
Adding to that, the government recently ended a long-standing tax exemption policy for select gold retailers, a move that could temper consumer demand even as institutional buying continues to rise.
Globally, gold prices have surged to record highs, driven by heightened geopolitical tensions, safe-haven demand, and growing expectations of U.S. Federal Reserve rate cuts. Analysts note that China’s continued gold accumulation—marking the eleventh consecutive month of reserve additions in September—underscores its broader push to diversify reserves and reduce dependency on the U.S. dollar.
