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China Surprises for a Second Time This Week With More Gold Data

For a second time this week, China surprised markets. This time, it was in gold.

China, the world’s biggest producer and consumer of bullion, said on Friday that it owns about 1,677.4 metric tons of the metal. The previous update came in July after China had been silent on the size of its hoard for six years. Most analysts expected the next report would take about five years, said Ross Norman, chief executive officer of Sharps Pixley Ltd., a London-based gold dealer. Instead, it happened in 29 days.