China's gold reserves double

China's has added to its gold reserves and now holds 1,054 metric tons of the yellow metal, according to a Friday report by the Xinhua News Agency, which cited comment by Hu Xiaolian, head of the State Administration of Foreign Exchange. A Dow Jones Newswire report said the figure cited was nearly double China's reported gold reserves as of the end of last month, but noted that it wasn't clear what measure of gold holdings Hu was referring to. Spot gold prices shot up 0.8% to $911.40 an ounce shortly after news broke.