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Gold Purchases from China Reach Highest Level Since 2024
Gold rose for the third consecutive trading session, climbing back above $4,700 per ounce, supported by a weaker dollar amid expectations of a possible agreement between the United States and Iran. The People’s Bank of China increased its gold reserves by 260,000 troy ounces (about 8.1 metric tons), the highest level since December 2024. This confirms the ongoing diversification trend pursued by the Asian giant, which is determined to reduce its exposure to U.S. Treasury securities.
Gold rebounds by over 3%: oil and the dollar weighed down by hopes of peace
Gold prices rose sharply in today’s trading, with the safe-haven asset reaching its highest level in more than a week. Hopes for peace between the U.S. and Iran are dragging down the dollar and crude oil, while the precious metal climbs back above $4,700 per ounce.
After a stable start to the week, gold is rising again
Gold is showing a slight recovery in today’s trading, with the spot price posting a modest increase within a context of high stability. Following renewed tensions between the United States and Iran, the safe-haven asset has moved moderately higher again. However, inflationary pressures and rising bond yields continue to weigh on gold, making it less attractive.
[Source: Borsa inside]
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