China's central bank boosted its bullion stash by 740,000 ounces in September, logging its 23rd consecutive month of purchases and edging toward a full two years of steady buying. The fresh tally was published Wednesday.
Central bank gold buying is a quiet vote against holding dollars. Market Briefs covers reserve flows free every weekday.
Gold fell more than 6% in September as higher energy costs tied to the Middle East conflict stoked inflation, which in turn has pushed the Federal Reserve to lift rates. Even so, several of the biggest money managers say they still see the long-run case for gold and have rebuilt positions since prices approached $4,000 an ounce.
Earlier this week, Germany's Bundesbank chief, Joachim Nagel, argued that rising government debt bolsters the rationale for central banks to hold more gold. And in a June poll by the World Gold Council covering 74 central banks, 45% said they planned to increase reserves over the next year - the largest proportion logged since the survey launched in 2018 - while only one anticipated cutting.
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