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China Keeps Buying Gold
China’s central bank continued buying gold for the 24th consecutive month, adding around 25.8 tonnes to its reserves in October despite prices falling by about 7% during the month. Its purchases totaled around 129 tonnes in the first ten months of the year, and it was the largest publicly reported gold buyer among central banks in the third quarter, when central banks made net purchases of 321 tonnes. China’s buying came as gold fell by more than 20% after the Iran war broke out in late February, amid pressure from higher energy prices and inflation, and tighter monetary policies.
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