China’s central bank continued its gold purchasing streak in April, marking the 18th consecutive month of additions to its reserves, according to data released by the People’s Bank of China on Thursday.
The country’s gold reserves reached 74.64 million fine troy ounces by the end of April, up from 74.38 million ounces in March. The total value of China’s gold reserves stood at $344.17 billion at the end of last month, compared to $342.76 billion the previous month.
The increase in the value of China’s gold reserves represents a rebound following the first decline in months during March, which was attributed to a steep fall in gold prices.
Spot gold fell for the second consecutive month in April, facing pressure from concerns that higher oil prices linked to the Iran war would keep inflation elevated and force central banks to delay rate cuts. The metal recovered late in April on a softer dollar and easing crude prices.
