XAUUSDXAUUSD price has coming some importance area ,"Gold holdings in China as part of the total reserves are still very low, so there is probably room for further purchases down the road,” he said Giovanni Staunovo, an analyst at UBS Group AG.
China bought around $1650/oz compared to $1787 today.
What's still not clear is where the rest of the Q3 gold buying came from; the World Gold Council reported that central banks had bought 400 tons of gold.
In other gold-bullish news this week, Credit Suisse analyst Zoltan Pozsar went on a bit of a tangent in a note and suggested Russia could start selling oil for gold.
