China Central Bank Adds More Gold Amid Elevated Local Premium

00:00

00:00/00:00

Listen to this article 1x

There is heightened attention on the central bank’s purchasing activity as prices remain elevated for local consumers. Photo: Bloomberg

(Bloomberg) — China added to its gold reserves for an 11th straight month in September when a surge in local gold premium drew market attention.

Bullion held by the People’s Bank of China rose by 840,000 troy ounces in September, according to official data released Saturday.

Among the world’s central banks, China has stood out this year as a keen buyer of gold. Robust demand in the Asian nation has been a support for the precious metal, which has come under pressure from rising interest rates around the world. Global central bank demand in August was sizable, though limited to a small number of countries including China, the World Gold Council said in an October statement.