China Resumed Gold Purchases Last Month After Prices Soared (1)

China’s central bank expanded its gold reserves in November, ending a six-month pause in purchases after prices for the precious metal rose to a record.

Bullion held by the People’s Bank of China climbed by 160,000 fine troy ounces last month to 72.96 million fine troy ounces, according to official data released on Saturday. The PBOC had added to its stockpiles for 18 consecutive months up until April this year, helping to underpin the strength in bullion prices.

The resumption in purchases shows the PBOC is still keen to diversify its reserves and guard against currency depreciation, even with gold ...