The People's Bank of China (PBOC) expanded its gold reserves for the 19th consecutive month in May. Official data released Sunday shows the central bank added 320,000 troy ounces to its holdings. Total reserves now reach 74.96 million fine troy ounces.
This buying spree marks a strategic effort to diversify reserves and reduce reliance on the US dollar. These consistent purchases supported gold prices in recent years despite fluctuating investor demand.
Gold prices declined for a third straight month in May after hitting record highs earlier this year. The PBOC’s continued accumulation signals long-term conviction in gold as a reserve asset.