China ramps up gold purchases, posting the biggest increase in 3 years

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China's central bank ramped up its gold purchases for the eighth straight month in October, posting the biggest monthly increase in its official gold reserves in over three years,…

China's central bank ramped up its gold purchases for the eighth straight month in October, posting the biggest monthly increase in its official gold reserves in over three years, official data showed on Saturday.

The country's official gold reserves rose by 830,000 ounces to 78.3 million ounces as of the end of October, marking the 24th consecutive month of purchases, according to the People's Bank of China.

The latest increase was the largest since September 2023, when reserves rose by 840,000 ounces, market tracker Wind Info said.

The central bank has accelerated the pace of its gold purchases for the eighth straight month this year, exceeding its buying from 740,000 ounces in September and 650,000 ounces in August as gold prices fell in October.

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