Silver Rises Over 120% YTD 
China’s central bank (PBOC) has authorized commercial banks to purchase foreign currencies specifically for gold imports following an expansion of gold import quotas last month. This strategic move comes as gold prices have rallied amid market volatility caused by President Trump’s trade war, which has also strengthened Asian currencies as investors move away from U.S. dollars. The policy adjustment serves a dual purpose: helping meet increased demand for gold while simultaneously easing the yuan’s appreciation, which has been hurting Chinese exporters already struggling with U.S. import tariffs. Despite gold prices reaching $3,500 per ounce last month, the PBOC has continued to build its gold reserves since November, viewing the precious metal as a safe asset during times of high uncertainty.
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Gold Breaks $4,500 While Vanguard Flips Strategy
Gold topped $4,500 for the first time Wednesday, capping a 70% rally in 2025. Silver surged 150% while platinum hit levels not seen since 2008. The precious metals boom comes as the White House pushes for more Fed rate cuts, the labor market sends mixed signals, and Vanguard urges investors to flip their portfolios.
December 24, 2025
