China's central bank boosted its gold reserves for the 17th straight month in March, continuing a long buying spree that has helped push gold prices to a record high.
The total bullion held by the People's Bank of China rose to 72.74 million troy ounces of fine bullion last month, according to official data released Sunday.
The precious metal has been on an upward trajectory over the past two months, hitting a series of records amid expectations of an imminent US interest rate cut, which has supported prices alongside massive central bank purchases since 2022.
Global central banks, led by China and India, continued to add to their gold reserves in February, posting growth for the ninth straight month, according to data from the World Gold Council.
China’s official reserve assets rose to their highest level since November 2015. The country’s foreign exchange reserves also rose to $3.2457 trillion by the end of March, the highest since December 2021, as the central bank aims to maintain stable holdings to ward off risks. Reserves rose 0.6% in March on a monthly basis and 1.9% from a year earlier.
