The People's Bank of China continued its protracted buying binge of gold in March, the 17th consecutive month, adding to the precious metal's record increase in price.
Official statistics issued on Sunday showed that the People's Bank of China's holdings of bullion increased to 72.74 million fine troy ounces last month.
The precious metal has been soaring for the last two months, setting a string of milestones as investors anticipate a future with lower interest rates in the US. Since 2022, its strength has also been greatly contributed by central bank purchases.
February saw the ninth consecutive month of rise in global central banks' gold reserves, with China and India leading the charge. This data comes from the World Gold Council.
The official reserve assets of China reached their highest level since November 2015. At the end of March, the country's foreign exchange reserves reached $3.2457 trillion, reaching a level not seen since December 2021. This increase reflects the central bank's efforts to keep holdings constant in order to mitigate risks. They were up 1.9% year-over-year and 0.6% from February.
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