China’s central bank added gold to its reserves for the fifth month in a row in April, the latest emerging market central bank to stock up on the yellow metal.
The People’s Bank of China said its gold reserves rose to 61.1m ounces last month, an increase of 480,000 ounces from March, and bringing its total gold holdings to about $78.3bn.
Emerging market central banks have become some of the largest buyers in the gold market as they look to diversify their reserves away from the dollar. Last year central banks, led by Russia, bought more gold last year than at any time since America decided to move off the gold standard in 1971, with around $27bn worth of purchases.
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