30 May
PBOC gold purchases continue for fifth straight month in March
The People's Bank of China (PBOC) expanded its gold reserves for a fifth consecutive month in March, adding 0.09 million troy ounces to its holdings. The regulator resumed its buying spree in November following a six-month pause, Bloomberg reports.
Global central banks ramp up gold buying to diversify their reserves as US President Donald Trump’s policies create unprecedented global economic uncertainty. This surge in demand drove gold prices to a record high above $3,100 per ounce in March, marking a 19% quarterly gain, according to the agency.
Despite gold's recent decline following Trump's aggressive tariff measures, the precious metal is likely to recover soon. Bloomberg experts note that robust central bank demand and substantial inflows into gold-backed ETFs are expected to provide strong support to gold prices.
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