Saturday | 5 October 2024 | Reg No- 06
বাংলা
   
Saturday | 5 October 2024 | Epaper
BREAKING: 3 die in Sherpur flood; 60,000 stranded      Ex-president Badruddoza Chowdhury passes away      Killing during students' movement: 9 bodies to be exhumed in Sylhet      Malaysian prime minister leaves Dhaka for home      CA seeks Malaysian support for Bangladesh to be ASEAN dialogue partner      Malaysian PM assures of attention to 18,000 Bangladesh workers       Bid to kill Khaleda Zia: Sheikh Hasina among 113 sued      

China's central bank pauses gold purchases in August

Published : Monday, 9 September, 2024 at 12:00 AM  Count : 135
Sept 8: China's central bank held back on buying gold for its reserves for a fourth straight month in August, official data showed on Saturday.

China's gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves, however, rose to $182.98 billion compared with $176.64 billion at the end of July.

Gold prices have been rising this year amid bets that US rate cuts are imminent and due to safe-haven demand driven by geopolitical and economic uncertainty, with central banks making robust purchases.

Gold prices have surged 21% so far this year and are hovering slightly below a record high of $2,531.60 hit on Aug. 20. Prior to the pause in its purchases, the People's Bank of China (PBOC) had bought gold for 18 consecutive months.

The central bank was the world's largest single buyer of gold in 2023 and its decision to put its buying on hold has helped mute Chinese investor demand in recent months.

The PBOC is expected to resume purchases at some point despite high prices due to political, rather than economical, motivations, such as its desire to be less dependent on the U.S. dollar as a reserve asset, said Carsten Menke, an analyst at Julius Baer.        —Reuters


LATEST NEWS
MOST READ
Also read
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Online: 41053014; Advertisement: 41053012.
E-mail: info©dailyobserverbd.com, news©dailyobserverbd.com, advertisement©dailyobserverbd.com, For Online Edition: mailobserverbd©gmail.com
🔝