China Adds to Gold Reserves for First Time Since October 2016
- Prices climbed in December on equity rout, growth concerns
- China has previously gone for long periods without buying gold
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After a hiatus of more than two years, China is adding to its gold reserves again.
The People’s Bank of China increased holdings to 59.56 million ounces by the end of December, or about 1,853 metric tons, from 59.24 million ounces previously, according to data on the central bank’s website. They had been unchanged since about 130,000 ounces were added in October 2016.