China Makes Largest Gold Purchase Since 2023 as Bullion’s Price Surges 8%
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China made its largest monthly gold purchase in nearly three years and other central banks have resumed heavy accumulation, helping lift gold about 8% from its weekly low. Rising central-bank demand for gold reinforces the precious metal as a safe-haven and may weigh on crypto adoption and Bitcoin price as an alternative store of value in the near term.
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China made its largest monthly gold purchase in nearly three years and continues a massive accumulation streak, while other central banks have refocused on the precious metal.
This is among the reasons behind the asset’s price resurgence over the past week, in which it gained 8% from bottom to top.
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In This News
Coins
$ 64.78K
-0.29%$ 0.0017
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