China Boosts Gold Reserves for 17th Consecutive Month

Mumbai, 08 April (CommoditiesControl): China's central bank announced an addition of 160,000 troy ounces of gold to its reserves in March, signaling continued support for the precious metal amidst its recent rally. This move aligns with persistent official sector demand, which has contributed to gold's 9.3% surge in March, marking its strongest monthly performance since July 2020.

The consecutive monthly increase brings China's gold reserves to 72.74 million ounces, valued at $161.07 billion. The People's Bank of China (PBOC) has been a prominent buyer, leading global central banks with net purchases of 7.23 million ounces in 2023.

Despite a slight decrease in global central bank purchases from 2022's record levels, they remain active buyers in 2024, with China, Turkey, India, Kazakhstan, and eastern European countries continuing to show interest in bolstering their gold reserves.


(By Commoditiescontrol Bureau; +91-9820130172)