China Buys Gold for 17th Straight Month as Prices Hit Record

(Bloomberg) — China’s central bank purchased gold for its reserves for a 17th straight month in March, extending a long buying spree that has helped the precious metal’s surge to a record.

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 Sunday.

The precious metal has been on a tear in the past two months, hitting a procession of records on expectations that lower U.S. interest rates are on the horizon. Central bank buying has also been a significant driver of its strength since 2022.