The People’s Bank of China boosted its gold reserves for a 10th straight month in August, adding 0.06 million troy ounces to reach 74.02 million, according to Bloomberg. Since November, the central bank has accumulated 1.22 million troy ounces as part of its effort to diversify away from the U.S. dollar. Gold prices have surged to record highs, climbing more than 30% this year to above $3,500 an ounce on bets of U.S. rate cuts and political pressure on the Federal Reserve. Goldman Sachs warned that any threat to the Fed’s independence could drive bullion prices close to $5,000. Global central bank gold buying has slowed with rising prices, but geopolitical risks are expected to keep official sector demand strong, the World Gold Council reported.
