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China Probably Raised Gold Hoard Again in October Adding 14 Tons

  • Central bank gold reserves rose to $63.26 billion by end-month
  • Assets probably totaled about 55.38 million troy ounces

China probably boosted central-bank gold holdings yet again in October, raising them by about 14 metric tons, as it seeks to diversify its foreign exchange reserves.

The value of gold assets was $63.26 billion at the end of last month from $61.19 billion at end-September, according to data on the People’s Bank of China website released Saturday. That works out to 55.38 million troy ounces or about 1,722.5 tons, based on the London Bullion Market Association afternoon price auction on Oct. 30, Bloomberg calculations show. The stash was 54.93 million ounces a month earlier.