U.S. Retailers Adapt to East Coast and Gulf Coast Port Strikes: Strategies for Ensuring Holiday Supply Chain Stability 
U.S. Services Sector Hits 1.5-Year High in September as Employment Weakens 
Oil Prices Surge Amid Growing Middle East Conflict: Global Crude Supply at Risk 
Oil Prices Dip Amid Middle East Tensions & Positive U.S. Data 
U.S. Inflation, Fed Meeting, Earnings Season, and Oil Prices: A Market Outlook for the Week 
Lucid Air Grand Touring Joins Dubai Police Fleet, Expanding UAE’s Push for Green Vehicles 
Japan’s Yen Hits 2-Month Low Amid US Dollar Surge and Middle East Conflict 
Samsung's Q3 Profits Expected to Jump 4X on Chip Demand, but AI Chip Lag Raises Concerns 
Rio Tinto Explores Potential $6 Billion Acquisition of Arcadium Lithium Amid Market Slump 
Asian Stocks Rally: Japan Leads Gains as U.S. Jobs Data and China Stimulus Drive Market Sentiment 
Vietnam Targets 7.6%-8% Economic Growth in Q4 2024 Amid Strong Q3 Results 
Higher-than-Expected September Inflation Delays Turkey’s Anticipated Interest Rate Cuts 
Canvas: A New Collaborative Interface for ChatGPT Users 
Major Gaps in Home Loan Data Raise Concerns Over Discriminatory Lending and Accountability 
Oil Prices Fall After Biggest Weekly Surge in 2024 Amid Middle East Tensions 
China’s Gold Reserves Steady; Value Rises with Market Trends
China’s central bank refrained from purchasing additional gold for the fifth consecutive month in September due to rising gold prices, as per official data. The country's gold reserves stayed at 72.8 million troy ounces, while their value increased from $182.98 billion in August to $191.47 billion by the end of September.
Gold Price Surge Influences Central Bank Decisions
Gold prices have soared approximately 28% this year, heading for their biggest annual gain in 14 years. The surge is attributed to U.S. Federal Reserve interest rate cuts, rising geopolitical tensions, and continued demand from global central banks.
Global Trends: Central Bank Gold Buying Expected to Slow in 2024
According to the World Gold Council, central bank gold purchases are expected to slow in 2024 compared to 2023, though they are predicted to remain higher than pre-2022 levels. This deceleration partly reflects the People's Bank of China’s (PBOC) decision to halt purchases after an 18-month buying streak that ended in May.
China's Strategic Timing in Gold Accumulation
As the world's largest official sector gold buyer in 2023, the PBOC’s pause has softened domestic investor demand. Nitesh Shah, a commodity strategist at WisdomTree, suggests the PBOC may be holding off on new purchases to find a more attractive price entry. However, given rising geopolitical tensions and declining global interest rates, such an opportunity may be delayed. Shah forecasts that gold prices could surpass $3,000/oz in the coming year, urging the PBOC to potentially resume accumulation sooner.
