The People’s Bank of China continued to add to its gold reserves in February, extending its buying spree for the 16th straight month as rising tensions in the Middle East pushed up precious metal prices.
According to data released today (Saturday), the People’s Bank of China’s gold holdings increased by 30,000 troy ounces last month to reach a net 74.22 million troy ounces, a move that signifies an extension of the accumulation cycle that began in November 2024.
Despite gold’s recent decline, it has regained momentum in the past few weeks and has surpassed the $5,000 per ounce level. Investors turned to safe havens after the US and Israeli attack on Iran deepened geopolitical risks in the Middle East.
Meanwhile, the World Gold Council said in a note issued this week that global central bank purchases slowed at the beginning of the year as high volatility limited buying appetite. Net purchases in January were just 5 tonnes, compared to a 12-month average of 27 tonnes, led by Central and East Asian countries.
The People’s Bank of China continued to build up its gold reserves in February, extending its buying spree for the 16th straight month as rising tensions in the Middle East pushed up precious metal prices.
According to data released today (Saturday), the People’s Bank of China’s holdings increased by 30,000 troy ounces last month, reaching a net total of 74.22 million troy ounces. This move marks an extension of the accumulation cycle that began in November 2024.
Despite the recent drop in gold prices, gold has regained momentum in recent weeks, surpassing the $5,000 per ounce level, as investors turned to safe-haven assets in the wake of the US and Israeli attack on Iran, which deepened geopolitical risks in the Middle East.
In contrast, global central bank purchases slowed at the beginning of the year as high volatility limited buying appetite, the World Gold Council said in a note published this week. Net purchases in January were just 5 tonnes, led by Central and East Asian countries, compared to an average of 27 tonnes over the past 12 months.
