China Splurges on Gold For a 16th Month as Price Hits Record
- Nation has been adding gold to diversify financial reserves
- Central-bank buying has been key support for precious metal
China’s central bank added gold to its reserves for a 16th straight month in February, extending a long buying spree that’s helped to support the precious metal’s surge to a record high.
Bullion held by the People’s Bank of China rose by about 390,000 troy ounces last month, according to official data released Thursday. That takes total holdings to 72.58 million troy ounces, equivalent to about 2,257 tons.