China Adds Most Gold in November in 5 Months as Price Slumps
- Country continues to diversify foreign exchange reserves
- Bullion prices plunged 6.8% in November, most since 2013
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China probably increased central bank gold reserves in November by about 21 metric tons, the most in at least five months, as prices had the biggest drop in more than two years.
The value of gold assets was $59.52 billion at the end of last month from $63.26 billion at end-October, according to data on the People’s Bank of China website released Monday. That works out to 56.05 million troy ounces or about 1,743 tons, based on the London Bullion Market Association afternoon price auction on Nov. 30, Bloomberg calculations show. The stash was 55.38 million ounces a month earlier.