China's insatiable fascination..!? Investment in gold..!?

The latest data shows it bought 18 tonnes of gold last month. This shows that China's gold craze has not abated. China's gold shopping has continued for the 5th month in a row. Regarding this, Middle east and Asia market analyst krishan Gopal said the country has bought 120 tons of gold since November. He said on his twitter page that he currently has 2068 tons of gold in stock.
Various experts expect China's dominance in the precious metals market to continue. Through this, the price of gold can face a definite impact. Amid the current market turmoil, gold prices may touch new highs. Especially amid the prevailing uncertainty, the financial market may face an impact. This could further support gold. China's latest gold price rose more than 7%. Analysts point out that as the yuan emerges as the world's largest currency, it is expected to continue to increase its gold reserves.As the value of the dollar continues to rise, China's yuan continues to rise. Overall, gold prices may increase in the long term. This could be in favor of gold. In an environment of continued political tension, investments in safe-haven gold may increase, especially in China, where gold reserves are rising for the 11th month in a row. In particular, the World gold Council has pointed out in a recent report that it has increased by 52 tons in the last month of february alone. So this trend is expected to continue in the coming months as well. Since the beginning of this year so far the central bank's net purchase has been 125 tonnes. It's also the strongest start since 2010.

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Sowmiya Sriram

09/04/2023 10:14 PM