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Gold price reaches four-week high

The price of gold reached $919.70 an ounce on Monday after China announced it had almost doubled its gold reserves.

It said on Friday it had increased reserves to 1,054 metric tonnes, up from 600 tonnes in 2003, mainly thanks to domestic production.

Investors had speculated the country was building up gold reserves and received confirmation when Hu Xiaolian, the head of the State Administration of Foreign Exchange, announced the total.

The gold price reached similar heights in mid-March after America’s Federal Reserve announced it would begin quantitative easing, and earlier hit a 12-month high above $1,000 an ounce in February. However the overall rise in price of the haven currency is only 1.12% over the past 12 months, according to Thomson Reuters.

Much of China’s $1.946 trillion stockpile of foreign reserves is held in US dollars. It appears to be diversifying its reserves, but gold remains a small proportion of the total.

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