PBoC reports rise in gold reserves for first time since 2019

 PBoC reports a rise in gold reserves for first time since 2019

Jimmy Choi 13 Dec 2022 Tweet   Facebook   LinkedIn   Save this article Send to   Print this page   The People’s Bank of China has reported an increase in its gold reserves for the first time in more than three years, with analysts seeing the move as an insurance policy in light of US sanctions against Russia. The PBoC raised its gold holdings by 32 tonnes in November from the month before, according to data released on December 7. The additions brought China’s reported holdings to 1,980 tonnes, worth around $112 billion. China has the world’s sixth-largest official national gold reserves

Strike for what? The government is listening to every issue raised by stakeholders, the idea is uncalled for," said Bureau of Indian Standards (BIS) director-general Pramod Kumar Tiwari.

 

"Hallmarking scheme is turning out to be a grand success with more than 1 crore pieces of jewellery [10 million] hallmarked in a quick time. The number of registered jewellers has increased to 91,603."

 

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But gold sales during the bumper autumn season of weddings, post-harvest investment, and then the key Diwali festival will be hampered, many jewelers say because it is taking between five to 10 days to get a piece hallmarked through the country's 965 certifying centers.

 

Coming on top of the 2020 and then spring 2021 Covid Crises, such bottlenecks, says Jain at the GJC, "will eventually lead to the collapse of the industry."

 

Bottlenecks also threaten India's wider gold trading as a result of the centralized Bullion Exchange, according to former secretary of commerce and finance Ashok Jha.

 

 

With details of vault locations for India Bullion Exchange-traded metal still unpublished, "A single location exchange-based import mechanism could lead to disruption of supply lines," Jha told Arabian Business earlier this week.

 

"A policy change should not be aimed at promoting one institution but to ensure that gold is made easily available to end users."

This means that, rather than helping determine the direction of global prices, any excess of domestic supply over demand must be worked through by price cuts, and with various Indian governments trying to reduce household gold demand and its impact on the nation's current account balance since 2012, the metal has repeatedly traded at a discount to quotes in London, the global bullion market's key storage and trading hub.

 

A key part of New Delhi's fight to reduce gold demand has been higher import duty and sales tax on bullion, but that has only created a boom for smuggling – estimated at 300 tonnes per year against legal inflows of 700 tonnes over the last 12 months – according to the Indian Gold Policy Centre, part of the Indian Institute of Management-Ahmedabad.