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In a surprise announcement, China’s PBOC announced an increase in their gold reserves by 1.1% in July. The People’s Bank of China, now the world’s biggest gold buyer, increased its gold reserves by over 6000,000 troy ounces to 53.93 million fine troy ounces by the end of July from 53.32 million ounces a month earlier, according to data released by the central bank.
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