Gold prices climbed as the People’s Bank of China added 640,000 ounces to its gold reserves, marking a 21-month streak of continuous accumulation, according to FX Street. This persistent buying reflects China's strategic efforts to diversify its reserves amid global economic uncertainties.
Spot gold surged past $4,320 per ounce, supported by the central bank's ongoing purchases and increasing demand from Chinese ETFs, FX Street reported. ING analysts Ewa Manthey and Warren Patterson have noted the significance of these trends in underpinning gold's recent strength.
For Japanese investors, this development highlights the growing influence of Chinese reserve policies on global precious metals markets, which may impact FX and commodity-linked equity sectors domestically.