Technical Analysis

China bought another 30 tonnes of gold in December 2022, following 32 tonnes in November


Information posted to the People’s Bank of China website over the weekend reported it increased its holdings of gold by 30 tonnes in December.

  • this boosts the country’s stash of gold to 2,010 tonnes
  • it follows November’s buying of 32 tonnes

The PBOC’s previously reported inflow of gold was in September of 2019 and, before that, October 2016. The renewed bout of large purchasing is being speculated as a response to heightened geopolitical risk, and perhaps more to come.

In other info the PBOC reported the country’s foreign exchange reserves at the end of December increased by around $11 billion from end-November and now total $3.12 trillion.

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