According to recently published data, Carsten Fritsch, commodities analyst at Commerzbank, noted that the People’s Bank of China did not buy any gold in October either.
Accordingly, the People’s Bank of China’s gold reserves remained unchanged for the sixth month in a row at 72.8 million ounces or 2,264 tons. A lack of buying interest by the People’s Bank of China caused the central bank’s gold purchases to fall to 186 tons in the third quarter, nearly half the amount purchased a year earlier.
At the same time, China needs to import less gold. China’s gold imports via Switzerland fell by 13% year-on-year after nine months, and those via Hong Kong fell by 17.5% year-on-year.
