- did not China’s central bank added gold to its reserves for the fourth straight month in August, as prices of the precious metal hit record highs, according to Bloomberg.
- According to official data released on Saturday, the volume of gold held by the People's Bank of China stood at 72.8 million ounces at the end of last month, unchanged.
- The bank had added to its reserves for 18 consecutive months until April of this year, helping to support the strength of gold prices.
- The pause in buying by China’s central bank adds to evidence that rising prices are limiting global demand for gold from central banks, after strong buying in the first half of the year. However, many analysts see central bank buying as a key driver of gold this year.
- The People's Bank of China did not buy any gold for the third straight month in July, as prices of the precious metal rose to record levels.
- Gold, which has gained more than 20% this year, hit an all-time high in August as traders increased expectations of monetary policy easing by the Federal Reserve. Although higher prices have recently hit retail sales of non-essential items such as jewelry in China, gold bars and coins are seeing increased demand as investors seek to protect their wealth from a weak economy.
