Ammon News - China's central banks added gold to their reserves for the 12th consecutive month in October, data from the People's Bank of China showed on Friday.

China's gold reserves increased from 74.06 to 74.09 fine troy pounds at the end October. This compares to 72.8 million ounces a year ago, a 1.8% increase.

According to the PBOC, the value of gold held by the PBOC was $297.21 billion at the end last month compared with $283.29 billion in September.

Gold spot was just above $4000 per ounce Friday, as the safe haven gained traction in the face of a weaker US dollar and as bets grew on the Federal Reserve cutting rates by December.

Gold prices were also supported by concerns over a long-term US shutdown, and the uncertainty surrounding US tariffs, according to Reuters.

In October, gold reached a new record of $4,381 an ounce.

Beijing has cut the value added tax for gold purchased via the Shanghai Gold Exchange or the Shanghai Futures Exchange.

China still hasn't released official data on gold production for the last quarter, so analysts are left without an update.

The PBOC halted their 18-month gold buying spree in May 2024. The central bank began buying gold again in November of that same year.