China is still buying gold for the ninth month to diversify its assets

The Chinese People’s Bank strengthened its gold reserves in July and continued the purchases for the ninth month in a row, as part of its efforts to diversify its assets away from the US dollar. The bodies of gold of the central bank increased by 60,000 ounces over the past month, bringing the total to 73.96 million ounces, according to the data published on Thursday. So the total gold purchases have been around 36 tons since the beginning of the current purchase in November. The purchases of Central Banks of Gold have shifted gold prices in a narrow series since April, when it exceeded a record level of about $ 3500 per ounce. Central bank purchases, led by China, have been one of the most important factors behind the rise of gold with 30%since the beginning of the year. Despite the ongoing expectations of the purchase, the rate is slowing down with the prices that remain at high levels. The price of gold in its latest transactions was about $ 3382 per ounce.