The People’s Bank of China continued its gold purchases for the seventeenth consecutive month, underscoring Beijing’s ongoing strategy to strengthen its reserves of the precious metal. Holdings rose to 74.38 million ounces at the end of March, up from 74.22 million ounces in February.
Despite the increase in volume, the total value of China’s gold reserves declined to approximately $342.76 billion by the end of March, compared to $387.59 billion in the previous month, reflecting the impact of lower global gold prices, according to central bank data.
In global markets, gold trading remained cautious on Tuesday, as investors awaited geopolitical developments ahead of the deadline set by U.S. President Donald Trump for Iran regarding the reopening of the Strait of Hormuz.
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