Speculative trading waves pushed gold and silver prices to consecutive record levels in January, before experiencing an unprecedented sharp drop in late January. The amount of bullion held by the People's Bank (the People's Bank of China) increased by 40,000 ounces last month, according to data released on Saturday. Since then, prices have seen some recovery, but markets are still not ready: the People's Bank of China has extended its series of gold purchases to 15 months, confirming the strength of demand from official institutions at a time when the record high in gold prices led to sharp selling in the market late last month. The bank had begun its latest round of the precious metal purchase in November 2024.
