China joins other central banks in boosting gold holdings

China is joining the chorus of central banks in purchasing gold.

For the first time since October 2016, the People’s Bank of China (PBOC) increased its gold holdings. Last month, Beijing boosted their gold holdings from 59.24 million ounces to 59.56 million ounces.

The last time China bought gold was in October 2016 when it purchased 130,000 ounces.

Here is a chart courtesy of Bloomberg:

Over the last year, there has been a barrage of central banks buying the precious metal, like Poland, Hungary, Russia, and so many more.