China's gold-buying spree comes to an end after 10 months


If you believe that public reports tell the whole story.

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By Ranjeetha Pakiam
Bloomberg News
Thursday, November 7, 2019

China just hit the pause button on its gold-buying spree.

The People's Bank of China kept holdings level 62.64 million ounces in October, unchanged from a month earlier, according to data on its website today. That holding pattern follows 10 straight months of accumulation that have boosted the nation's stockpile by more than 100 tons.

Central-bank purchases have been an important feature of the global market this year, with official sector demand helping to support gold prices and offset a drop in demand from consumers. The backdrop to Beijing’s accumulation has been the nagging trade-war with the U.S., which has hurt growth. ...

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