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Commodities

China thought to be stockpiling gold to cut greenback dependence

Buying of metal is at its fastest pace since the 1960s

Central banks appear to be snapping up gold, but the identity of some of the biggest buyers is not clear.

TOKYO -- Central banks are snapping up gold this year, but it is uncertain which ones are behind most of that shopping spree, fueling speculation that China is a big player.

Seeing how Russia has been hit by monetary sanctions by the West, China and some other countries must be hurrying to reduce dependence on the dollar, analysts reckon.

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