People's Bank of China Extends Gold Buying Streak to 24 Months

The People's Bank of China increased its gold reserves in October, marking the 24th consecutive month the central bank has added to its bullion holdings. Official data released Saturday indicates the bank acquired 830,000 ounces, or approximately 25.8 metric tons, of gold.

This latest purchase occurred as gold prices experienced a downturn, falling nearly 7% by the end of October and dropping below the $4,000-an-ounce support threshold. The central bank has demonstrated a pattern of accelerating its purchases during recent price slumps to build its reserves.

Total additions for the first 10 months of the year have reached approximately 129 metric tons. This sustained accumulation reflects a long-term strategy of diversifying assets through consistent monthly acquisitions.