China’s central bank added to its gold reserves in October — extending a buying streak to two years — as the precious metal fell almost 7% to end the month below the $4,000-an-ounce support threshold.
Bullion holdings at the People’s Bank of China rose by 830,000 ounces in October, or around 25.8 metric tons, according to official data released Saturday. That’s the 24th consecutive month of accumulation. In particular, the central bank has stepped up purchases in recent months as gold prices have slumped, with additions in the first 10 months of the year totaling around 129 metric tons.
