PBoC added 8.1 tons in April, the largest purchase since December, as central bank demand remains robust with 245 tons bought in Q1.
China’s central bank increased its gold reserves by 8.1 tons in April, marking the 18th consecutive month of purchases and the largest addition since December. The move followed a temporary price dip, reinforcing the bank’s long-term accumulation strategy.
Central banks and public institutions purchased nearly 245 tons of gold in the first quarter, slightly above the five-year average and 3% higher than the previous year. Poland and Uzbekistan led buying with 31 tons and 25 tons, respectively, while China’s Q1 additions totaled 7 tons.
Persistent official sector demand has underpinned gold markets for over four years, despite rising prices. Analysts expect China’s purchases to rise further in the current quarter.