China’s central bank, the People’s Bank of China (PBoC), continued its streak of monthly gold purchases in April, adding 70,000 ounces (just over 2 tonnes) to its official reserves. While the PBoC has now bought gold for six consecutive months, the pace of buying has slowed: April’s addition follows nearly 3 tonnes in March, about 5 tonnes in both January and February, and more than 10 tonnes in December.
Since the PBoC resumed visible gold acquisitions last November, reported purchases sum to roughly 970,000 ounces (around 30 tonnes). That cumulative total is modest compared with past episodes when the central bank acquired similar volumes within a single month. The more gradual buying pattern has prompted commentary from market observers.
Commerzbank analyst Carsten Fritsch has noted two possible explanations for the reduced monthly volumes: the higher gold price environment, which could discourage large, frequent purchases, or the possibility that some acquisitions are not being disclosed in official data. Both scenarios carry implications for market participants tracking central-bank demand and for analysts assessing China’s reserve management strategy.
Central-bank gold buying is closely watched because it can influence global supply-demand balance and signal broader reserve diversification strategies. A steady but smaller monthly cadence, as seen in the past six months, may reflect a deliberate and measured approach—acquiring bullion while limiting market impact—whereas larger, less frequent purchases can move prices more noticeably. Observers will likely continue monitoring subsequent monthly disclosures for signs of any change in pace or reporting practice.
Overall, April’s addition keeps China on a path of gradual accumulation while highlighting a shift from the larger spikes recorded late last year. Market participants, analysts and investors will be watching both official figures and price action to interpret whether this smaller monthly intake signals a new long-term approach or temporary pause in more aggressive accumulation.