China’s central bank extended its gold purchasing streak to a tenth consecutive month in August. This action reflects growing demand from global central banks seeking alternative assets to mitigate risks associated with the US dollar’s dominance. Beijing’s efforts are driven by geopolitical concerns and uncertainties surrounding the stability of dollar-backed assets. The gold reserves increased to 74.02 million ounces, reflecting the trend of increased global interest in precious metals.
Credits: News – South China Morning Post