China buys gold again. Gold prices will ris

China has increased its official gold reserves for the first time in over six months, reaching a total of 72.96 million ounces at the end of November 2024, according to a report from China Daily. This represents a surprising change of direction for many analysts, given that China had suspended increases in its gold holdings for six consecutive months. Analysts believe that this move reflects China's expectations of further increases in gold prices and its aim to strengthen the credibility of its currency amidst growing uncertainty. The resumption of gold purchases in November indicates China's anticipation of gold prices remaining on an upward trajectory for a significant period, following shifts in the global political and economic landscape after the US presidential election. China's relatively low proportion of gold in its reserves indicates that there is potential for further increases in the future.

https://internasional.kontan.co.id/news/china-kembali-borong-emas-harga-si-kuning-bakal-meroket

After six months of restraint, PBOC started buying gold again last month

In November, China's central bank, the People's Bank of China (PBOC), resumed its gold purchasing programme following a six-month hiatus. The People's Bank of China (PBOC) added 160,000 troy ounces of gold to its reserves, increasing the total to 72.96 million troy ounces. The central bank had been consistently adding to its gold holdings for 18 months until April 2016, thereby providing support to the price of the precious metal. The resumption of purchases indicates that the PBOC still seeks to diversify its reserves and prevent the depreciation of its currency, despite the historically high prices of gold. The decline in demand for gold in China is attributed to a nearly 30% increase in prices this year. Retail sales of non-essential gold items like jewellery have decreased, whereas investments in gold bars and coins have remained consistent, reflecting investors' efforts to safeguard their wealth against a weakening economy.

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Aramco to cut oil price in Asia next month

Saudi Arabia has cut oil prices for Asian buyers by more than expected, signaling a subdued demand outlook. State oil producer Saudi Aramco will sell Arab Light crude at a premium of 90 cents a barrel to the regional benchmark in January, down from $1.7 a barrel the previous month. Prices were also lower than expected by traders and refiners. Aramco also cut prices for north-west Europe and the Mediterranean, but made no changes for North America. Sluggish demand growth, particularly in China, has caused benchmark oil prices in London to fall this year. Brent crude is currently trading at just over $71 per barrel. The OPEC+ alliance, led by Saudi Arabia and Russia, agreed to postpone a planned production increase for January, leading to fears of a looming supply glut.

https://internasional.kontan.co.id/news/aramco-akan-memangkas-harga-jual-minyak-di-asia-bulan-depan