China’s Gold Binge Extends to Seventh Month as Holdings Climb

From bnnbloomberg.ca

China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks. China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China on Wednesday. Total stockpiles now sit at about 2,092 tons, after adding a total of 144 tons from November through last month. Central banks bought a record volume of gold last year as nations stockpiled the precious metal amid rising geopolitical uncertainty and stubborn global inflation. While buying fell steeply in the first quarter of this year, according ... (full story)