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China's Central Bank Extends Gold Buying Streak to 16 Months Amidst Geopolitical Tensions
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China Extends Gold Buying Spree to 16 Months Amid Geopolitical Tensions
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CNBC Awaaz
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07-03-2026, 21:08
China Extends Gold Buying Spree to 16 Months Amid Geopolitical Tensions
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People's Bank of China continued purchasing gold in February, marking its 16th consecutive month of buying.
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Gold holdings increased by 30,000 troy ounces in February, reaching 74.22 million fine troy ounces.
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Gold prices surpassed $5000 per ounce, driven by investors seeking safe-haven assets due to geopolitical risks in West Asia.
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Global central bank gold purchases slowed in January to 5 tons, but Central and East Asian countries led the buying.
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World Gold Council analyst Marisa Salime predicts continued gold accumulation beyond 2026 due to ongoing geopolitical tensions.
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