With prices reaching a record level… China is increasing its gold reserves

The Chinese central bank increased its gold reserves for the seventeenth consecutive month last March, continuing the long buying wave that helped raise the price of gold to a record level.

The total bullion held by the People’s Bank of China rose to 72.74 million fine troy ounces last month, according to official data released on Sunday.

The precious metal has witnessed an upward march over the past two months, recording a series of records amid expectations of an imminent cut in US interest rates, which has supported prices along with massive central bank purchases since 2022.

Global central banks, led by China and India, also continued to increase their gold reserves last February, recording growth for the ninth month in a row, according to data from the World Gold Council. (Bloomberg)