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Chinese gold reserves hold at 62.64 million ounces

Rajan Dhall

Kitco News

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(Kitco News) - As China gets to grips with the current wave of COVID-19 infections the gold reserves remained static. The country has been dealing with lockdowns in key states and the recent trade data shows that exports have recently suffered. If lockdowns continue gold consumption could also take a drop and the nation is the world's top consumer of the yellow metal.gold

China’s gold reserves stood at 62.64 million ounces at the end of April, unchanged from that at the end of March, central bank data showed Saturday. Official data also showed that China’s foreign exchange reserves fell to 3.1197 trillion U.S. dollars at the end of April, down 68.3 billion U.S. dollars, or 2.14 percent, from the end of March.

Looking at the price of gold today the yellow metal has fallen to hit $1857.56/oz down around 1.35%. The daily chart has made a lower high lower low pattern and the next major support stands at $$1829/oz.

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By Rajan Dhall

For Kitco News

Contact rdhall@kitco.com
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