CHINA’S gold reserves rose by more than 19 tons in July, Xinhua said Saturday, after the central bank last month gave the statistic for the first time in six years.

    Bullion holdings stood at 1,677.30 tons at the end of July, Xinhua said, citing the People’s Bank of China, a 1.16 percent increase on June’s 1,658 tons.

    The rise is worth nearly US$700 million, according to Friday’s price of US$1,118.25 an ounce on the London Bullion Market.

    The People’s Bank of China issued gold reserve figures last month for the first time since April 2009, revealing a rise of 57 percent over the past six years.

    China is the world’s largest producer of the yellow metal, but the increase marked a slowdown in gold accumulation after holdings jumped 75 percent from 2003 to 2009.

    China ranks fifth globally in gold holdings, according to Bloomberg News.

    The price of gold reached record highs near US$1,800 in 2012 at the height of the United States’ bond-buying stimulus program and the eurozone debt crisis, before falling significantly.

    But the yellow metal is considered a safe bet in times of turmoil and uncertainty, and it rose last week after China devalued its yuan currency, raising concerns over the health of the world’s second-largest economy. (SD-Agencies)