The People’s Bank of China increased gold reserves for the fifth consecutive month, holding a total of over 2,000 tonnes.
InfoQuest – China Increases Gold Reserves for Fifth Consecutive Month in March As central banks around the world try to increase their holdings of gold,
Data on the website of the People’s Bank of China (PBOC) on Friday showed the PBOC increased its gold holdings by regarding 18 tonnes in March. This brings the total gold supply to around 2,068 tonnes, following rising by around 102 tonnes in the four months prior to March.
The World Gold Council (WGC) has revealed that countries have increased their gold reserves. Amid growing geopolitical risks and high inflation, Central bank gold demand rose for a second straight year in 2022, and the biggest gold buyers in January this year were Turkey, China and Kazakhstan.
The PBOC turned heavily into gold for the first time since its 10-month streak before it stopped buying in September. In 2019 and before, the PBOC bought a lot of gold before ending it in late 2016.
Bloomberg News reported that Gold prices hit their highest level in more than nine years on Wednesday (April 5) following the US released economic data that was weaker than expected. by the crisis in the banking sector And growing concerns regarding global economic growth have increased demand for gold as a safe haven investment.
The data also indicates that China’s foreign exchange reserves at the end of March stood at $3.1839 trillion, up $50.7 billion from February.
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