China is increasing gold reserves and raising the price

China is secretly increasing its gold reserves, causing the price of the precious metal to rise. This was reported by Zamin.uz.

According to the Financial Times, China's gold purchase volume may be several times higher than what is shown in official reports. Data indicates that the People's Bank of China bought 1.9 tons of gold in August, 1.9 tons in July, and 2.2 tons in June.

However, analysts emphasize that these figures are not accurate and that the actual purchase volume is much higher. According to Société Générale calculations, China's total gold purchases in 2023 could reach 250 tons.

This figure equals one-third of the total demand from central banks worldwide. According to Financial Times data, China aims to diversify its reserves and reduce dependence on the US dollar through these actions.

This strategy is aimed at increasing the country's economic independence.