Why is china, the world's largest producer of gold?
China, which is threatening America and dreams of becoming a superpower, has been after gold for the past few years. china is buying millions of kilos of gold from wherever it can find it. Talking about the year 2024 alone, according to the World gold Council report, china bought 29 tonnes i.e. 29000 kilos of gold till december 2024. The surprising thing is that china is the world's largest gold producer, yet it is continuously buying gold from all over the world. Let's know why the Dragon is doing this.
China's keen eye on gold from 2022
China started buying gold from the year 2022. In the year 2023, the central bank of china, led by the bank of china (PBoC), increased its gold purchases by 30 percent. According to the report of the World gold Council (WGC), in 2023, china bought the maximum of 225 tonnes of gold, taking its gold reserves to 2,235 tonnes. china became the largest buyer of gold in 2023, leaving india behind. At the same time, in the year 2024, china bought about 29 tonnes of gold. Now the question arises that when china already has a huge reserve of gold, then why is it still buying gold continuously.
China is at the top in producing gold
China tops the world in gold production. According to the report of the World gold Council, china produced 378.2 tonnes of gold in the year 2023. russia was second in this list. In the year 2023, russia produced 321.8 tonnes of gold. Whereas, australia was at number three. australia produced 293.8 tonnes of gold in 2023. After this comes canada and America. canada produced 191.9 tonnes of gold in 2023 and America produced 166.7 tonnes of gold in the year 2023.
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