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China Adds Gold to Reserves for Seventh Month in May

Waleed Farouk The People's Bank of China (PBoC) announced a fresh addition to its gold reserves in May, marking the seventh consecutive month of expansion. According to Krishan Gopaul, senior analyst at the World Gold Council for EMEA, China added approximately 2 metric tons during the month, pushing total net purchases for 2024 to 17 tons and lifting overall holdings to 2,296 tons. Despite the increase in physical reserves, the value of China's gold holdings dipped to $241.99 billion by the end of May, compared to $243.59 billion in April. The decline comes after gold prices hit a record high above $3,500 per ounce in April, temporarily boosting the reserve's valuation. Last year, the PBoC paused gold acquisitions for six months following an 18-month buying spree. It resumed purchases in November, shortly after Donald Trump's win in the U.S. presidential election. China Opens Gold Futures to Foreign Investors In a strategic move to deepen its role in global gold markets, the Shanghai Futures Exchange unveiled a plan on May 27 to allow direct access for foreign investors and brokers. The initiative outlines 34 proposals covering derivatives trading in gold and silver, hedging, and precious metals futures. Key reforms include permitting foreign participants to trade without local intermediaries and to post margin in major foreign currencies like the U.S. dollar. Public feedback on the proposals is open until June 4. This opening aligns with China's broader strategy to internationalize the renminbi and boost its influence in commodity pricing. On April 21, a coalition of four Chinese government entities, including the central bank, launched a plan to globalize the Shanghai Gold Exchange. The initiative includes establishing offshore delivery warehouses, aiming to rival the London Metal Exchange in price-setting. While specific products under the global expansion remain unspecified, the Shanghai Gold Exchange primarily focuses on gold, silver, and platinum trading. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean