Commodities Buzz: PBOC boosts gold holdings for 10th straight month

China?s gold reserves rose for the 10th consecutive month in August, reaching a record 74.02 million ounces. The value of gold holdings increased by USD 9.9 billion to USD 253.8 billion, pushing the share of gold in total forex reserves to a new historical high of 7.6%. Meanwhile, overall foreign exchange reserves expanded by USD 29.9 billion to USD 3.322 trillion, the highest since January 2016. China?s steady gold accumulation reflects its long-term strategy to diversify foreign reserves and reduce reliance on the US dollar amid global financial uncertainty.

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