Commodities
Gold Rises as China Resumes Buying and Syria Boosts Haven Demand
- PBOC expanded bullion reserves in November, it said Saturday
- Toppling of Syrian regime may further destabilize Middle East
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Gold climbed to a two-week high, after China’s central bank added bullion to its reserves for the first time in seven months and concerns about the Middle East bolstered haven demand.
Spot gold advanced as much as 1.6% on Monday. The People’s Bank of China on Saturday said it bought 160,000 fine troy ounces in November, ending a six-month pause in purchases. The PBOC had been a major buyer of bullion since late-2022. In the Middle East, the collapse of Syria’s ruling dynasty further destabilized the region.