PBoC Buys 10 Tons of Gold in May, Lifting Reserves to 2,332 Tons
Updated
Updated · World Gold Council · Jun 12
PBoC Buys 10 Tons of Gold in May, Lifting Reserves to 2,332 Tons
1 articles · Updated · World Gold Council · Jun 12
Summary
China’s central bank added 10 tons of gold in May, its biggest monthly purchase since December 2024, extending official reserve increases to 19 straight months.
Total holdings reached 2,332 tons, up 25 tons year to date and equal to 8.9% of China’s foreign-exchange reserves.
The buying came as China’s broader gold market weakened: local gold prices fell 2.7% in May, Chinese gold ETFs posted RMB8.2 billion of outflows, and holdings dropped 8.3 tons to 293 tons.
Physical demand also softened, with Shanghai Gold Exchange withdrawals falling 38% from April to 64 tons—the weakest May since 2010—as weak jewellery demand and stronger equities curbed buying.
Early June data pointed to continued softness, with further ETF outflows and lower Au9999 trading volumes, even as lower prices could later support jewellery restocking.