China's gold reserves hold at 62.64 million ounces
(Kitco News) - China's gold reserves stood at 62.64 million ounces (1775.81 tonnes) at the end of March, unchanged from that at the end of February, central bank data showed Thursday. This is still dwarfed by the U.S. number which is reported to be 8,133.5 tons as of March 2022.
Official data also showed that China's foreign exchange reserves fell to 3.188 trillion U.S. dollars at the end of March, down 25.8 billion U.S. dollars, or 0.8 percent, from the end of February.
Recently China has been struggling with another COVID-19 outbreak. Nearly 20,000 cases were reported overnight in China's biggest city (Shanghai) another near-record high. Officials have admitted the city is facing "difficulties" but say they are trying to improve this.
Gold today is currently trading flat at $1932/oz. There is a lack of key fundamental drivers in terms of tier one data on the agenda today. There seems to be a strong consolidation forming between $1957/oz and $1915/oz. Any break out of these levels could give us a good indication of the future trajectory of the yellow metal.
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