China's central bank has increased its gold holdings for the 24th consecutive month, bringing total reserves to 78.3 million fine troy ounces in October. Despite the increase in physical volume, the total value of the reserves decreased compared to the previous month.
China's central bank continued its acquisition of the precious metal through October, extending its buying streak to a 24th consecutive month, according to data released by the People's Bank of China on Saturday.
With the latest additions, the country's gold reserves rose to 78.3 million fine troy ounces in October. This marks an increase from the 77.47 million fine troy ounces reported a month earlier in September.
However, despite the higher volume of physical gold held by the central bank, the total monetary value of these reserves saw a decline. The People's Bank of China reported that the gold reserves were valued at $306.41 billion at the end of October. This compares to a valuation of $323.52 billion at the end of September.
"The consistent accumulation of gold reserves over a two-year period highlights a deliberate long-term strategy by the central bank to diversify its asset holdings. While fluctuations in the total dollar valuation of these reserves are expected due to global market price movements, the steady physical accumulation points to a calculated approach in managing national sovereign assets amidst changing global economic conditions." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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