China’s central bank adds to gold reserves for 23rd consecutive month

BEIJING: China’s central bank stepped up its gold purchases in September, extending its buying streak to a 23rd consecutive month, official data showed on Wednesday.

Gold holdings by the People’s Bank of China rose to 77.47 million fine troy ounces at the end of September from 76.73 million ounces a month earlier. China has continued to accumulate gold despite sharp swings in bullion prices this year.

The value of China’s gold reserves fell to USD323.52 billion at the end of September from USD350.08 billion a month earlier, the data showed. Gold prices fell over 6percent in September. Spot gold was most recently trading at around USD4,147.47 per ounce on Wednesday at 0244 GMT.