Global Central Banks Keep Increasing Gold Holdings, and China’s Gold Imports Reach an 11 – month High.Recently, central banks around the world have continued to increase their gold holdings, and the gold market has attracted much attention. According to customs data, as of May 20, China’s gold imports in the previous month reached 127.5 metric tons, an 11 – month high, representing a 73% increase compared to the previous month. At the same time, platinum imports also reached a one – year high, with 12.5 tons imported in April.
Zhao Fuchu pointed out that the recent increase in gold prices is related to the growth of spot – market demand. The surge in China’s gold imports is mainly due to the central bank’s continuous purchase of gold to hedge against the volatility risks of the US dollar and US bonds. The diversification of foreign exchange reserves has effectively promoted gold imports. In addition, domestic investors have significantly shifted their investments to gold to hedge against geopolitical uncertainties. Previously, due to the shortage of gold import quotas, domestic banks could not meet this part of the investment demand. In April, the central bank allocated new gold import quotas to some commercial banks, which is one of the important reasons for the sharp increase in imports.
The increase in platinum imports also has its own reasons. Jing Quan, a visiting professor at Xi’an Jiaotong University, said in an interview with the *Huaxia Times* that the gold price has soared and fluctuated greatly, while the relatively stable price of platinum has made it more attractive for investment and jewelry purchases. Some jewelry merchants and consumers have turned their attention to platinum. Platinum has a hedging property, which has increased investors’ attention and demand for it. From the supply side, the inventory in the platinum market may have reached its lowest point, and some speculative buyers have entered the market, driving up the demand and import volume.
It is worth mentioning that platinum, with its hard texture and high luster, is an important material for making high – end jewelry. It also has excellent catalytic properties and is widely used in automotive exhaust catalytic converters. Its high – temperature resistance and corrosion resistance are also of great significance in the manufacture of laboratory equipment. In the field of hydrogen fuel cells, platinum – based catalysts can enhance the efficiency of hydrogen electrochemical reactions, which will also drive the medium – and long – term demand for platinum.
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