Bloomberg News: China's Central Bank Buys More Gold as Prices Hit Record

Article by Yihui Xie in Bloomberg News

China’s central bank expanded its gold reserves for a third month in January, even as the precious metal kept rallying to a record high.

Bullion held by the People’s Bank of China rose by 0.16 million troy ounces last month, according to data released Friday. The central bank resumed adding gold reserves in November after a six-month halt that followed an 18-month buying spree.

The move shows the PBOC’s commitment to diversify reserves even with gold at historically high levels, and it joins a slew of other central banks adding gold to their holdings amid geopolitical and economic uncertainties. The precious metal has set successive records this .....

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