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China Boosts Gold Reserves Ahead of Trump's Inauguration as Demand Grows

share-iconWednesday, January 08 comment-icon2 weeks ago 6 views
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businessinsiderBUSINESSINSIDER
China Boosts Gold Reserves Ahead of Trump's Inauguration as Demand Grows

Credited from: BUSINESSINSIDER

  • China's central bank added 330,000 troy ounces of gold to its reserves in December, marking its second consecutive month of expansion.
  • The total gold holdings have risen to 73.29 million ounces, following a six-month pause in purchases due to record prices.
  • The spot gold price peaked nearly at $2,800 an ounce before settling around $2,650, influenced by the strengthening US dollar.
  • Challenges for China's economy include a property crisis, deflation, and youth unemployment, leading to investments in gold as a safe haven.
  • Analysts predict that gold demand will remain strong, with Goldman Sachs forecasting prices could reach $3,000 per ounce by 2026.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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