The Chinese central still buying gold for the tenth month consecutive

The Chinese People’s Bank expanded its purchases from gold to the tenth month in August, in a new step aimed at diversifying its reserves away from the US dollar. According to the data published on Sunday, possession of precious metal in the central bank increased by 0.06 million ounces to 74.02 million during August. China started this wave of purchases last November during which it collected 1.22 million ounces. This increase has come while gold has reached record levels in recent days, exceeding the stability that lasted for months, after the bets reduced the reduction of the US interest rate and the criticism of the White House at the Federal Reserve, which delivered extra momentum for the rise of the metal. Gold prices have risen by more than $ 30% this year to more than $ 3.500 per gram while the rate of gold purchase has delayed by central banks due to high prices, the geopolitical risks are still constantly supporting the demand for the metal, according to a recent world golden council reported by producers.