China added an estimated 15 tons of gold to its forex reserves in September as central banks accelerated their purchases of bullion after a seasonal summer lull, according to Goldman Sachs Group.
The bank’s calculation compares with only 1.24 tons of gold purchases that China officially reportedBloomberg Terminal for the month. Analysts including Lina Thomas estimated that central banks globally bought 64 tons of the precious metal in September, more than tripling from the month before. The buying spree is likely continuing in November, according to Goldman.