Based on data released on Wednesday by the People’s Bank of China, the nation’s gold holdings increased by approximately 16 tons in May.

This surge in gold accumulation brings China’s total stockpile to approximately 2,092 tons, following an additional acquisition of 144 tons between November and the previous month.

Amidst escalating geopolitical uncertainty and ongoing global inflation, central banks worldwide set a new record in gold purchases last year, Zero Hedge reported.

Although there was a significant decline in the first quarter of this year, as reported by the World Gold Council, market analysts anticipate that the strong buying trend will continue.

A recent survey conducted by the council revealed that approximately a quarter of global central banks plan to further bolster their gold holdings in the coming year.

This comes at a time when doubts regarding the future role of the US dollar are mounting.

Written by staff