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New data reveals that the People’s Bank of China (PBOC) purchased 260,000 troy ounces of gold, equivalent to approximately 8.1 metric tons, in April alone, marking its largest monthly increase since December 2024.
Despite escalating geopolitical tensions and the growing global need for liquidity amid the ongoing Iran conflict, the PBOC capitalized on the decline in gold prices to bolster its reserves of the precious metal, continuing its purchase policy for the eighteenth consecutive month.
This represents the longest uninterrupted buying spree since the previous cycle began in November 2022, clearly indicating China’s continued commitment to building a long-term strategic position in gold as a key reserve asset.
The bank had added about 5 tons in March, making April's purchases the largest monthly increase since the first quarter of 2024 and bringing total official reserves to a record high of 2,322 tons.
Since the beginning of 2026, the People's Bank of China has purchased more than 15 tons of gold, putting it on track for one of its strongest buying years since 2023.
Since 2022, China has increased its official reserves by more than 372 tons, a growth of nearly 19%, making it one of the world's largest official gold buyers.
These moves reflect a growing global trend among central banks to diversify reserves and reduce reliance on Treasury bonds and dollar-denominated debt instruments, particularly US Treasury bonds, as gold is increasingly viewed as a strategic asset for hedging and preserving value during times of economic and geopolitical uncertainty.
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