11:47 - 7.10.2024

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October 7, Fineko/abc.az. The central bank of China refrained from buying gold for its reserves for the fifth month in a row, Reuters writes.

ABC.AZ reports that according to official data, in September, the Chinese regulator did not purchase metal, and, according to Reuters, the reason for this was the jump in gold prices.

China's gold reserves amounted to 72.8 million troy ounces at the end of last month. However, the value of gold reserves increased from $182.98 billion at the end of August to $191.47 billion at the end of September.

It is noteworthy that gold prices have increased by about 28% this year, which is the largest annual increase in 14 years, helped by the beginning of interest rate cuts by the US Federal Reserve, geopolitical tensions and steady demand from central banks.