2024-04-08 14:58:52
The Chinese central bank increased its gold reserves for the seventeenth consecutive month last March, continuing the long buying spree that helped the price of gold rise 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, 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.
China’s official reserve assets rose to their highest levels since November 2015. The country’s foreign exchange reserves also rose to $3.2457 trillion at the end of March, the highest level since December 2021, as the central bank aims to maintain stable holdings to ward off risks. Reserves rose by 0.6% in March on a monthly basis and 1.9% compared to the same period of the previous year.
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2024-04-08 14:58:52