Her reserves to gold Increased July by her People’s Bank Chinasignaling the ninth consecutive month of shopping. This strategic move helps China differentiate its reserves and reduce its dependence on the US dollar.
According to figures released on Thursday, central bank gold reserves increased by 60,000 ounces of domes (gold measuring unit) and now amount to 73.96 million ounces of domes. Since November, when the current wave of markets began, China has bought about 36 tonnes of gold, according to Bloomberg.
The price of gold has moved in a narrow range since April, when it has set a record of over $ 3,500 per ounce. Central banks, such as China, are one of the main reasons that the price of gold has been 30% this year.
Although this market trend is expected to continue, market rate has slowed due to high prices. The latest gold trading price is about $ 3,382 per ounce.