The People’s Bank of China added 8 tonnes of gold in April, lifting its reserves to 2,322 tonnes amid sustained sovereign demand.
China’s central bank purchased 8 tonnes of gold in April, marking its 18th consecutive month of buying and the largest monthly addition since December 2024. The People’s Bank of China now holds 2,322 tonnes, roughly 9% of its total reserves, according to data from the World Gold Council.
Global central banks resumed net gold purchases in April after a brief period of sales in March, when emerging-market sovereigns offloaded reserves to defend currencies amid geopolitical tensions. The buying spree, accelerated after Russia’s 2022 reserve freeze, has been a key driver of gold’s rally, though prices have retreated 23% from January’s record high of $5,600 per ounce to around $4,300.
The latest correction, pushing gold below its 200-day moving average, follows a stronger-than-expected U.S. jobs report for May, which weighed on market sentiment.