PBOC boosts Gold purchases by 30 tonnes in December

Dhwani Mehta FXStreet

The People's Bank of China (PBOC) published on its website over the weekend that it bumped up its holdings of Gold by 30 tonnes in December, following an increase of 32 tonnes in November.

In doing so, the Chinese central bank’s gold reserves increased to 2,010 tonnes

Previously, the PBOC reported an inflow of gold in September 2019 and October 2016.

Market reaction

Gold price is getting an additional boost from the encouraging report from China, closing in on the highest level since June 2022 at $1,879.At the time of writing, Gold price is adding 0.47% on the day to trade at $1,876.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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