China Central Bank's gold purchases are not slowing down
The Central Bank of China (PBOC) added gold to its reserves in October, when gold fell below the 4 thousand dollar support threshold, and extended its purchase series to 24 uninterrupted months.
The Central Bank of China (PBOC) added gold to its reserves in October, when gold fell below the 4 thousand dollar support threshold, and extended its purchase series to 24 uninterrupted months.
Verified Details and Technical Data of the News
The People's Bank of China (PBOC) continued to add gold to its reserves and extended its purchase streak to two years, as the precious metal lost nearly 7% of its value in October, finishing the month below the support threshold of $4,000 per ounce.
According to official data announced on Saturday, gold bullion stocks within PBOC increased by 830 thousand ounces (about 25.8 tons) in October. This move indicated that reserves were accumulated for the 24th consecutive month. While the central bank accelerated its purchases, especially in recent months when gold prices decreased, the total accumulation in the first 10 months of the year reached approximately 129 tons.
World Gold Council (WGC) data revealed that PBOC was the largest publicly disclosed buyer among global central banks in the third quarter.
According to WGC data, central bank purchases amounted to a net 321 tons in the July-September period, and this figure was the highest level seen since the last quarter of 2024. These savings of banks continue to be a fundamental support element for gold prices in an otherwise dull market.
Technical Analysis and Industry Significance
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