PBOC Adds 8 Tonnes of Gold in April as Reserve Buying Stretches to 18 Months
Updated
Updated · World Gold Council · May 14
PBOC Adds 8 Tonnes of Gold in April as Reserve Buying Stretches to 18 Months
4 articles · Updated · World Gold Council · May 14
China’s central bank added 8 tonnes of gold in April—the biggest monthly increase since December 2024—lifting official holdings to 2,322 tonnes, or 9% of total reserves.
The purchase came in a flat month for gold prices, with the LBMA benchmark up 0.1% in dollar terms while Shanghai’s benchmark slipped 0.4% in yuan as the local currency strengthened.
Investor demand still held up: Chinese gold ETFs drew RMB3.5 billion in April, extending inflows to an eighth straight month and pushing holdings to a record 301 tonnes.
Physical demand weakened, however, with Shanghai Gold Exchange withdrawals falling 23% month on month to 103 tonnes as jewellery restocking eased in the seasonal second-quarter lull.
Looking ahead, the World Gold Council expects jewellery demand to stay soft, while a stock-market rally and the lack of a clear gold-price trend could curb bullion buying even as ETF inflows continue.
China is stockpiling gold, yet prices are flat. What hidden market force is holding gold back from its next major surge?
Chinese investors are buying gold bars while shunning jewellery. What does this dramatic shift reveal about the economy's future?
As China builds its 'Gold Corridor,' is the world witnessing the beginning of the end for the US dollar's dominance?