- Write by:
-
Tuesday, May 7, 2024 - 22:31:41
-
58 Visit
-
Print
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, extending the period of consecutive purchases to 18 months despite high gold prices.
Safe-haven demand, driven by geopolitical and economic uncertainty, as well as persistent central bank buying contributed to a rally in gold in March-April, with spot gold prices hitting a record of $2,431.29 per ounce on April 12.
China held 72.80 million ounces of gold at the end of April, up from 72.74 million ounces a month before, the data showed. The value of China’s gold reserves rose to $167.96 billion from $161.07 billion.
Demand from global central banks for gold has been elevated for two years, supporting prices.
The World Gold Council expects global central banks to slow purchases in 2024 compared to last year’s 1,037.4 tons but to keep them higher than they were before 2022.
The People’s Bank of China was the largest official sector buyer of gold in 2023 with net purchases of 7.23 million ounces, or 224.9 metric tons, according to the World Gold Council, the most for a single year since at least 1977.
Short Link:
https://www.miningnews.ir/En/News/628364
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
No comments have been posted yet ...