China’s Gold Buying Spree Stretches Into Sixth Straight Month

China expanded its gold reserves in April for a sixth straight month as global central banks add to their bullion holdings as a hedge against inflation and geopolitical risks.

China’s gold reserves increased by 8.09 tons in April, according to data from the State Administration of Foreign Exchange. Total gold stockpiles reached 2,076 tons after the nation added 120 tons in the five months through March.

Central banks around the world are bolstering their gold holdings to diversify assets in response to persistent global inflation risks and geopolitical turmoil. Global central banks made net purchases of 228 tons of gold in the first quarter, a record high for the period, according to the May report of the World Gold Council. Singapore, China and Turkey were among the biggest buyers.