China Ramps Up Gold Buying as Middle East War Dents Prices

China’s central bank bought the most gold in more than a year in March, demonstrating that a key pillar of support for the precious metal remains intact as prices come under pressure amid the Iran war.

Bullion held by the People’s Bank of China rose by 160,000 troy ounces last month, or about 5 tons, according to data on Tuesday. The central bank, among the world’s largest buyers, has added to holdings for 17 months straight.