China's Central Bank Continued to Increase Gold Reserves in September
Seizing the opportunity of the drop in the ounce price, the People's Bank of China added gold to its reserves in September, bringing its purchasing streak to 23 months.
Following the decline in the ounce price, the People's Bank of China added 740,000 ounces of gold to its reserves in September, extending its purchasing streak to the 23rd month and maintaining its position among the world's largest gold buyers.
Increase in Reserves in September
Gold bullion assets held by the People's Bank of China increased by 740,000 ounces in September, marking the 23rd month of consecutive accumulation in this area.
Developments in Global Markets
As energy prices triggered by the conflicts in the Middle East fueled inflation and prompted the Fed to raise interest rates, gold lost more than 6 percent of its value in September.
Some of the world's largest asset managers rebuilt their holdings as prices declined, indicating that the precious metal's long-term drivers remain intact.
Approach of Central Banks
Bundesbank President Joachim Nagel stated that rising public debt levels have strengthened the rationale for central banks to increase their gold holdings.
According to a World Gold Council survey released in June covering 74 central banks, 45 percent of participants stated they plan to buy gold in the coming year.