China’s central bank buys gold for seventh straight month in May

From Kitco News

China’s central bank announced on Saturday that it had added gold to its reserves for the seventh month in a row in May.

“Data reported by the People’s Bank of China shows its #gold reserves rose by almost 2 tonnes in May,” wrote Krishan Gopaul, Senior Analyst, EMEA, at the World Gold Council. “This lifts YTD net purchases of gold to 17 tonnes, and gold reserves to 2,296 tonnes.”

China’s gold reserves were valued at $241.99 billion at the end of last month, down from $243.59 billion at the end of April, the PBoC said. Gold prices hit an all-time high above $3,500 per ounce in April, which boosted the value of the country’s holdings.