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China's Central Bank Increases Gold Reserves Amid Near-Record Prices

In December 2024, the People’s Bank of China (PBOC) expanded its gold reserves for the second consecutive month, increasing holdings from 72.96 million to 73.29 million fine troy ounces. BLOOMBERG

This move follows a six-month hiatus in gold purchases, during which global prices soared to record highs. The PBOC’s renewed acquisitions indicate a strategic commitment to diversifying its foreign exchange reserves, even amid elevated gold prices.

In 2024, gold experienced a significant rally, driven by factors such as monetary easing in the U.S., heightened safe-haven demand, and sustained buying by global central banks. However, the upward trend moderated following the U.S. election victory of Donald Trump, which strengthened the dollar. Consequently, institutions like Goldman Sachs have adjusted their forecasts, delaying expectations for gold to reach $3,000 an ounce due to anticipated reductions in Federal Reserve rate cuts in 2025.

China’s strategic accumulation of gold aligns with a broader trend among central banks to diversify reserves and mitigate risks associated with currency fluctuations and geopolitical uncertainties. This approach underscores the enduring value of gold as a stable asset in national reserves.

As of January 2025, gold prices continue to trade near record levels, reflecting ongoing global economic uncertainties and the persistent appeal of the precious metal as a safe-haven investment.