China's central bank has not bought any Gold in the last six months – Commerzbank
|The People's Bank of China (PBoC) did not purchase any Gold in October either, according to data published last Thursday, Commerzbank’s commodity analyst Carsten Fritsch notes.
More Gold is now available to private households
“Accordingly, the PBoC's Gold reserves remained unchanged for the sixth consecutive month at 72.8 million ounces or 2,264 tons. The lack of buying interest from the PBoC caused central bank Gold purchases to fall to 186 tons in the third quarter, almost half the amount purchased in the previous year.”
“At the same time, China needs to import less Gold. China's Gold imports via Switzerland were down 13% year-onyear after nine months, and those via Hong Kong were down 17.5% year-on-year. In both cases, a decline in imports can be seen after the provisional end of PBoC Gold purchases in April.”
“This is because the PBoC's decision not to buy Gold from domestic mine producers means that this Gold is now available to private households.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.