empty
09.02.2023 12:56 PM
China breaks gold records

This image is no longer relevant

In a comment on Twitter, Krishan Gopaul, senior European, Middle East and Asian market analyst, said that China's central bank bought 15 tonnes of gold last month; this follows 32 tonnes of gold bought in December and 30 tonnes bought in November.

This increases the country's total gold reserves to 2,025 tonnes.

Prior to its latest purchases, China has not reported any change in its gold holdings since 2019.

Analysts suggest that China will continue to buy gold throughout 2023 as it hopes to boost international confidence and stability of the yuan and challenge the U.S. dollar as the world's reserve currency. Last year, China began urging Middle Eastern countries to accept yuan for oil. China is the world's largest oil importer.

The World Gold Council noted that during China's last shopping spree, the central bank stockpiled 1,448 tonnes of gold between 2002 and 2019.

Central bank demand for gold is likely to continue to support gold prices throughout 2023. And the global trend toward de-dollarization will continue this year.

Emerging central banks, on average, hold about two-thirds of their reserves in dollar-denominated assets and less than 5% in gold. And they would like to change this ratio in favor of gold.

China is just one of the countries that is ramping up its gold purchases. Last month, the World Gold Council noted that central banks bought 417 tonnes of gold in the fourth quarter of last year.

Although China has attracted a lot of attention for its gold purchases, Turkey was the most active in the precious metals market last year.

According to the WGC, the Central Bank of Turkey bought 148 tonnes of gold last year.

In total, central banks bought 1,136 tonnes of gold last year, the most since 1967 and the second most since 1955.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD. The Dollar Is Back in the Saddle. But for How Long?

The greenback is back on top: the U.S. Dollar Index hit a four-week high on Monday, responding to the announcement of a three-month truce in the trade war between

Irina Manzenko 01:01 2025-05-13 UTC+2

China Helped the Dollar Halt Its Decline

The CFTC report released on Friday showed minimal changes in overall currency positioning, with the net USD position against major currencies decreasing by a symbolic $0.1 billion to—$17.2 billion

Kuvat Raharjo 00:24 2025-05-13 UTC+2

The Dollar Takes Time to Saddle Up but Rides Fast

Investors have shifted from the "Sell America" strategy that emerged after the White House imposed tariffs to "Buy America" amid positive developments in U.S.-China trade relations. While the S&P

Marek Petkovich 00:23 2025-05-13 UTC+2

Bitcoin Has Completed Its Minimum Task

Bitcoin has broken above the 100,000 mark, entered a consolidation phase, and confirmed the familiar pattern. Previously, after breaking through psychologically significant levels, the cryptocurrency experiences a period of stagnation

Marek Petkovich 00:23 2025-05-13 UTC+2

Has Common Sense Prevailed? (High probability of #SPX growth and a drop in gold prices)

On Monday, the United States announced "significant progress" in trade talks with China following a two-day meeting in Switzerland over the weekend. Markets reacted to this news with a gap-up

Pati Gani 11:00 2025-05-12 UTC+2

GBP/USD. An Important Week for the Pound

The GBP/USD pair is again under pressure due to the broad strengthening of the U.S. dollar. Last week, the pound attempted to break into the 1.34 zone in reaction

Irina Manzenko 10:49 2025-05-12 UTC+2

The Market Will Face Reality

How quickly things change on the financial markets! Before America's Liberation Day, investors viewed the 10% universal import tariff as disastrous. Now, it's seen as the most favorable option

Marek Petkovich 09:18 2025-05-12 UTC+2

What to Pay Attention to on May 12? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Monday. Fundamental developments will also be limited, but at this point, it is entirely unclear which factors are influencing price formation. The pound

Paolo Greco 06:51 2025-05-12 UTC+2

EUR/USD. Weekly Preview. Prepare for Price Turbulence

The upcoming week promises to be volatile. First, the market will react to the results of the Geneva meeting between representatives of the US and China. Second, key reports

Irina Manzenko 05:34 2025-05-12 UTC+2

GBP/USD Overview – May 12: Business as Usual...

The GBP/USD currency pair moved slightly higher on Friday, although the British pound had no real reason to grow that day or throughout the week. Let us recall that

Paolo Greco 03:48 2025-05-12 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.