China Extends Gold Buying Streak for 17th Straight Month
China's central bank increased gold reserves for the 17th straight month in March. Total holdings reached 74.38 million ounces despite a lower total valuation.
China has extended its streak of Gold acquisitions to 17 consecutive months, according to official data released on Tuesday. The People's Bank of China reported that its holdings reached 74.38 million fine troy ounces by the end of March, representing a steady increase from the 74.22 million ounces recorded at the end of February. Despite the growth in physical volume, the total valuation of the national gold reserves saw a decrease during the period. The reserves were valued at $342.76 billion at the end of last month, down from the $387.59 billion valuation reported a month earlier. This persistent accumulation of bullion highlights a long-term strategy by the central bank to diversify its international reserve assets amidst shifting global economic conditions.
