China further increased the size of its gold reserves in March. According to reports from the People's Bank of China, the country purchased 18 tons, reaching 2,068 tons in total.
record numbers in central bank gold purchases, with central banks acquiring their highest amounts of gold since 1974. The reasons behind this renewed gold rush have to do with the need to seek refuge in safer assets during inflationary times.for the issuance of a gold-backed currency as part of the BRICS strategy to reduce dependence on the U.S. dollar.
In October, Craig Singleton, a senior fellow at the Foundation for Defense of Democracies, explained this might be the case given the high quantity of gold purchased by the nation.that such a currency might be presented at the BRICS summit in August, potentially being backed by gold and other commodities.
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