Is China's secret gold mining making the market more expensive?

As the Financial Times writes, China is secretly increasing its gold reserves, and this process has triggered a record price increase for the precious metal.

Analysts believe that Beijing's gold purchases, not reflected in official reports, could even exceed the reported figures by 10 times. According to open sources, the purchase by the Central Bank of China in August amounted to 1.9 tons, in July - 1.9 tons, and in June - 2.2 tons. However, market experts do not believe these figures and emphasize that in reality, purchases will be much larger.

According to Société Générale's calculations, Beijing's total gold purchases this year are likely to reach 250 tons. This figure accounts for about one-third of the total demand of the world's central banks.

According to the Financial Times, China is trying to reduce its dependence on the US dollar by secretly diversifying its reserves.

Charos Zarqarayeva

Editor of «ZAMIN.UZ»