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China extends gold buying
The People’s Bank of China continued buying gold for the 24th consecutive month, adding 25.8 tonnes to its reserves in October. This brought its purchases since the start of 2026 to about 129 tonnes and its reserves to nearly 78 million ounces. The increase came as gold prices fell by around 7% during the month—their worst October performance since 2008—while lower prices encouraged Chinese households to buy. Central-bank purchases, including China’s—which was the largest publicly reported buyer in the third quarter—remain a source of support for the gold market.
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