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Bloomberg News: China Splurges on Gold For a 16th Month as Price Hits Record

March 8, 2024
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Article by Sybilla Gross in Bloomberg News

China’s central bank added gold to its reserves for a 16th straight month in February, extending a long buying spree that’s helped to support the precious metal’s surge to a record high.

Bullion held by the People’s Bank of China rose by about 390,000 troy ounces last month, according to official data released Thursday. That takes total holdings to 72.58 million troy ounces, equivalent to about 2,257 tons.

Spot gold prices have rallied this week as investors bet on the possibility of US interest-rate cuts later this year. But central-bank buying — particularly by China — has also been a significant driver of gold’s strength since 2022.

Central banks bought 1,037 tons of gold last year, just shy of the .....

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