Bullion held by the People’s Bank of China (PBOC) rose to 72.74 million fine troy ounces last month, according to official data released on Sunday.
The precious metal has been on a tear in the past two months, hitting a procession of records on expectations that lower US interest rates are on the horizon. Central bank buying has also been a significant driver of its strength since 2022.
Global central banks, led by China and India, continued adding to their gold reserves in February, marking a ninth straight month of growth, according to the World Gold Council.
China’s official reserve assets rose to the highest since November 2015. The country’s foreign exchange reserves rose to US$3.2457 trillion by the end of March, the highest since December 2021, as the central bank aims to maintain stable holdings to fend off risks. They rose 0.6% from February and were up 1.9% from a year earlier.