SINGAPORE: China extended its gold-buying spree, adding to reserves for a sixth straight month, as the protracted trade war with the U.S. hurts growth expectations and boosts demand for a portfolio diversifier.The People’s Bank of China increased its bullion reserves to 61.61 million ounces in May from 61.10 million a month earlier, according to data released on Monday. Spot gold was at $1,329.60 on Monday, after climbing 1.7% in May.China has previously gone long periods without revealing increases in gold holdings. When the central bank announced a 57% jump in reserves to 53.3 million ounces in mid-2015, it was the first update in six years.The PBOC’s move comes as other central banks, especially from emerging markets, increase bullion holdings. First-quarter purchases were the highest in six years, according to the World Gold Council. - Bloomberg

Source: The Star June 10, 2019 08:24 UTC