China's central bank buys gold for seventh straight month in May

China's cardinal slope added gold to its reserves successful May for the seventh consecutive month, authoritative information from the People's Bank of China (PBOC) showed connected Saturday.

Spot prices for gold, often seen arsenic a refuge from economical and geopolitical uncertainty, were dependable successful May aft hitting an all-time precocious of $3,500 per ounce successful April.

China's gold reserves roseate to 73.83 cardinal good troy ounces astatine the extremity of May from 73.77 cardinal ounces astatine the extremity of April.

Its gold reserves were valued astatine $241.99 cardinal astatine the extremity of past month, down from $243.59 cardinal astatine the extremity of April, the PBOC said.

With bullion up 27% truthful acold this twelvemonth owed to tariff war fears connected apical of 27% maturation successful 2024, gold market specialists accidental the PBOC's readiness to proceed gathering up gold holdings contempt precocious prices reflects Beijing's tendency to diversify its overseas currency reserves.

Officials astatine the PBOC person not publically said what was driving the gold purchases. In 2024, the PBOC took a six-month intermission aft an 18-month-long gold purchasing spree, earlier resuming buying gold in November, when Donald Trump won the U.S. statesmanlike election.

The world's cardinal banks are connected way to bargain 1,000 metric tons of gold in 2025, which would beryllium their 4th twelvemonth of monolithic purchases arsenic they diversify reserves from dollar-denominated assets into bullion, consultancy Metals Focus said this week.