China continues to snap up gold, reserves up for a ninth month in a row

China continues to snap up gold, reserves up for a ninth month in a row

• The Chinese central bank is not stopping on stocking up on gold this year

The latest data shows that China's gold reserves at the end of July were at 73.96 million ounces, up from 73.90 million ounces at the end of June. In value terms, the reserves at the end of July amount to $243.99 billion compared to $242.93 billion at the end of June.

Among other factors, this i.e. central bank demand has been one key driver in driving up gold prices since last year. And even more so amid the dollar's loss of confidence and credibility since April owing to policy incoherence by the US administration.