The People's Bank of China resumed gold purchases for its reserves, increasing holdings by 160,000 ounces to 72.96 million ounces despite a 5% decline in prices since October 📊

The People's Bank of China resumed gold purchases for its reserves after a six-month hiatus. By the end of November, reserves increased by 160,000 ounces, reaching 72.96 million ounces. This occurred against the backdrop of a 5% decline in gold prices from the historical peak in October, although the price of gold is still 28% higher compared to the beginning of the year. The value of China’s gold reserves fell from $199.06 billion in October to $193.43 billion in November.