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China Scoops Up More Gold for Reserves as Global Risks Mount

  • People’s Bank of China adds bullion for second straight month
  • Goldman Sachs expects strong central-bank purchases this year
Gold and Silver Casting at the Perth Mint
Photographer: Carla Gottgens/Bloomberg
Updated on

China is adding to its gold reserves again, boosting holdings for a second month and reinforcing an outlook from bulls including Goldman Sachs Group Inc. that central-bank buying will likely remain strong this year.

The People’s Bank of China raised holdings to 59.94 million ounces, or about 1,864 metric tons, by the end of January from 59.56 million ounces a month earlier, according to data on the bank’s website. In tonnage terms, it added about 11.8 tons last month after taking in just under 10 tons in December, which was the first time the PBOC had boosted its hoard since October 2016.