The Chinese central improves its golden reserves for the seventh month

During May, the Chinese Central Bank continued to raise its gold reserves for the seventh month in a row, as part of its efforts to diversify its belongings despite the ongoing fluctuations in prices. Official data released on Saturday revealed that the Chinese bank had told about 60,000 ounces of the precious metal to its reserves over the past month, which brought the total of what it had in possession of 73.83 million ounces. Skin prices achieved a record increase during April, powered by a coordinated purchase wave of central banks, amid authorities who want to diversify their US dollar possessions. These purchases, including those made by the Chinese People’s Bank, are a fundamental factor in the ongoing high prices. At the global level, the sovereign authorities add about 80 tonnes of gold per month, the value of which is equivalent to approximately $ 8.5 billion, according to current prices, according to estimates of Goldman Sachs analysts. The rise of gold has also benefited from the trend of investors to safe assets, with the increasing disorders of the financial markets as a result of the trade war, and the major concern of US assets. Although the increase in the increase was a little calm due to some breakthrough in global trading tensions, gold bars still hang near their highest historical levels. In a parallel context, foreign exchange reserves in China rose to $ 3.285 trillion in May, compared to $ 3.282 trillion at the end of April.