China's gold reserves grow for 4th month in March

Beijing (April 7)  China increased its gold reserves for a fourth straight month in March, data from the central bank showed, Trend reported citing Xinhua.

The country's gold reserves amounted to 60.62 million ounces by the end of last month, a slight rise from February, according to the People's Bank of China (PBOC).

The gold reserves were equivalent to around 78.5 billion U.S. dollars, down from 79.5 billion dollars in the previous month, the PBOC said.

The latest gold purchase by the world's second-largest economy came at a time when global central banks are accumulating the precious metal.

 

Gold reserves of central banks around the world surged 651.5 tonnes, or 74 percent year on year, in 2018, according to the World Gold Council.

As a safe haven hedge, gold will become more attractive in 2019, due to greater market uncertainties and the expansion of protectionist economic policies, according to a forecast from the council.

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