China Gold Reserves: China is the world’s largest producer of gold. Now, the dragon has found an even bigger treasure. China has seen a vast reserve of gold worth $82.8 billion in its Hunan Province, estimated to be worth about Rs 7 lakh crore in Indian rupees. The Hunan Academy of Geology has identified over 40 gold ore veins in Pingjiang County, estimated to contain 300.2 tonnes of gold.
China Found 1000 Tonnes Of Gold Reserves
Reuters quoted China’s State Agency as saying that the dragon has found a huge reserve of gold worth $82.9 billion, equivalent to 600 billion Chinese currency yuan, in the middle of Hunan Province. The Hunan Academy of Geology has discovered more than 40 gold ore veins at a depth of more than 2,000 meters in Pingjiang County, which has found 300.2 tons of gold resources and the highest grade of 138 grams per metric ton. According to China’s state-run agency Xinhua, the group estimated that there are more than 1,000 tons of gold reserves at a depth of more than 3,000 meters.
China Is The Largest Producer Of Gold
Let us tell you that China is already the world’s largest gold-producing country. According to the World Gold Council, China’s contribution to global gold production in 2023 was 10 percent. Despite this, the Central Bank of China has bought the most gold since the rising geopolitical tensions globally. In 2023, the People’s Bank of China increased gold purchases by 20 percent.
According to the World Gold Council, all central banks bought 1087 tonnes of gold, which China bought the most. China bought 280 tonnes of gold in the first quarter of 2024 and is estimated to buy 850 tonnes of gold this year. According to a Bloomberg report, China has bought 2800 tonnes of gold in two years.
