China ended years of speculation about its official gold holdings by revealing an almost 60 per cent jump in its reserves since 2009.
The country’s central bank said its gold reserves were 1,658 tonnes (53.31m fine troy ounces) as of the end of June. In April 2009, reserves were 1,054 tonnes.
Confirmation of the extent of China’s buying came as the price of bullion, pressured by a strengthening US Dollar, fell to its lowest in five years, while shares in leading gold miners declined yesterday.
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