Market News / Story
China's Latest Gold Move Stands Out as Prices Fall
GuruFocus ·
GuruFocus reports: China's central bank stepped up gold purchases in September as prices fell sharply, adding 740,000 ounces in its biggest monthly increase in roughly three years. The move reinforces the idea that official-sector demand remains an important support for gold even as a stronger U.S. dollar and elevated Treasury yields pressure the metal in the short term. The People's Bank of China increased its gold holdings to 77.47 million ounces from 76.73 million in August, extending…