China's gold reserves grow for 4th month in March

BEIJING -- China increased its gold reserves for a fourth straight month in March, data from the central bank showed.

The country's gold reserves amounted to 60.62 million ounces by the end of last month, a slight rise from February, according to the People's Bank of China (PBOC).

The gold reserves were equivalent to around $78.5 billion, down from $79.5 billion in the previous month, the PBOC said.

The latest gold purchase by the world's second-largest economy came at a time when global central banks are accumulating the precious metal.

Gold reserves of central banks around the world surged 651.5 tonnes, or 74 percent year-on-year, in 2018, according to the World Gold Council.

As a safe haven hedge, gold will become more attractive in 2019, due to greater market uncertainties and the expansion of protectionist economic policies, according to a forecast from the council.