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China extends gold buying with fresh flows to central bank
By Sing Yee Ong
Friday, January 6, 2023
China reported an increase in its gold reserves for a second straight month, topping up holdings again after its first reported purchase in more than three years.
The People's Bank of China raised its holdings by 30 tons in December, according to data on its website today. This follows November's addition of 32 tons, and brings the nation's holdings to a total of 2,010 tons.
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Central bank purchases of bullion hit a record in the third quarter of last year at almost 400 tons, with only a quarter going to publicly identified institutions, according to the World Gold Council's demand trends report.
China's disclosure of its gold buying sheds some light on the identity of these mystery buyers. Market watchers speculate Russia could be another purchaser. ...
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