© AP/Kin Cheung
Hong Kong China Gold
Earlier, market watchers reported that Chinese exports to the US had fallen by 16 percent year-on-year in August, while imports from the US sagged by over 22 percent in the same period.
The slump came as the US slapped a 15 percent tariff on the remaining $300 billion-worth of goods imported from China, with the tax stepping into effect on September 1.
China's gold reserves climbed by some 99.91 tonnes over the past nine months, with total gold reserves standing at 2,141 tonnes as of August 30, and foreign exchange reserves growing to $3.1 trillion, according to fresh
figures from the People's Bank of China released over the weekend.
Between July and August alone, the value of China's gold hoard is said to have climbed by over $7.5 billion, from $87.87 to $95.45 billion, with the country buying 5.91 tonnes of the precious metal in the last month. China's total gold reserves had stood at 2,042 tonnes of the precious metal as of the end of December 2018, with the August figures meaning
China's total holdings in tonnes had grown by 4.85 percent.
Last week, Bloomberg
reported that
gold prices have climbed by a whopping 19 percent since the start of the year, in part due to central banks' purchase of the precious metal, and in part due to economic uncertainties stemming from global trade conflicts, and fears of a US recession. The metal hit
$1,555 per ounce in trading in late August, its highest value since 2013, and investment banks including Goldman Sachs expect prices to continue their steady climb.
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