China shores up gold purchases amid rising global uncertainties

China's gold holdings showed a sharp increase in the last 10 months, as the country continued to shore up its purchases amid rising global uncertainties and possibilities of further rate cuts by global central banks, experts said.

During the 10 months from December 2018 to September this year, China's total holdings of gold rose to 62.64 million ounces (about 1,948 metric tons), according to data from the State Administration of Foreign Exchange.

"Gold is the best safe haven amid rising global uncertainties as it offers extremely high returns and is easily tradable," said Huo Songling, secretary to the executive board of China National Gold Group Co Ltd, a centrally State-owned firm engaged in the mining and refining of gold, silver, copper, and molybdenum.