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China buys 15 tons of gold in its largest monthly increase in over two years, despite prices falling 11.65%
China's central bank continued to bolster its gold reserves for the 20th consecutive month, adding about 15 tons in June, the largest monthly increase since October 2023.
This brought China's reserves to 75.44 million troy ounces, although the total value of these reserves fell from $340.75 billion to $303.72 billion due to the decline in gold prices during the month.
Spot gold fell by 11.65% in June, its largest monthly drop since October 2008, pressured by a strong dollar and rising expectations that U.S. interest rates will remain elevated.
What does this mean?
China's continued gold buying despite falling prices indicates it is taking advantage of the price decline to boost its holdings of the precious metal.
Gold is seen as a strategic asset that helps central banks diversify reserves, reduce reliance on the dollar, and enhance long-term financial stability...
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