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Who said Gold is Dead?

PBOC extends gold-buying streak to 16 months amid Middle East turmoil

The People’s Bank of China (PBOC) extended its gold-buying momentum for a 16th consecutive month in February, bolstering its reserves as escalating geopolitical tensions in the Middle East drive a renewed flight to safe-haven assets.

The move comes as Spot Gold surged 1.85% to $5,171.12 an ounce by 16:00 ET (21:00 GMT), rebounding sharply from earlier session lows. Data released on Saturday revealed that the PBOC increased its bullion holdings by 30,000 troy ounces, bringing its total fine troy gold reserves to 74.22 million ounces.

China’s latest gold accumulation maintains a structural trend of de-dollarization that began in late 2024.

https://www.investing.com/news/commodities-news/pboc-extends-goldbuying-streak-to-16-months-amid-middle-east-turmoil-4548362