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China gold purchases top 100 tons amid trade war

|About: SPDR Gold Trust ETF (GLD)|By:, SA News Editor

China has added more than 100 metric tons of gold to its reserves since it resumed buying in December, as the country continues to buy gold to diversify its reserve assets away from the dollar amid strained relations with the U.S.

September's increase of 5.9 mt by the People's Bank of China follows the addition of 99.8 mt through August.

Russia also has been adding substantial quantities of bullion; central banks worldwide have snapped up more than 450 mt during the first eight months of 2019, helping push total gold demand to a three-year high, the World Gold Council has said.

Central banks have been major buyers of gold and likely will continue to do so as protectionist policies and geopolitical concerns add to demand, says Suki Cooper, precious metals analyst at Standard Chartered Bank.

December Comex gold edges lower, -0.3% to $1,509/oz.

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