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

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

Bullion held by the People’s Bank of China rose 0.2% to 72.74 million troy ounces last month, according to official data released Sunday. It’s the smallest increase in the run of monthly purchases that began in November 2022.

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

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