China’s PBOC Keeps Gold Buying on Hold as Prices Reach Record
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China’s central bank did not add any gold to its reserves for a fourth straight month in August as prices for the precious metal rose to a record.
Bullion held by the People’s Bank of China was unchanged at 72.8 million troy ounces at the end of last month, according to official data released on Saturday. The PBOC had added to its stockpiles for 18 consecutive months up to April this year, helping to underpin the strength in bullion prices.