China’s Central Bank Buys Gold for Fifth Month as Prices Rally

China’s central bank added gold to its reserves for a fifth straight month in March, deepening its bet on the precious metal as a haven asset amid rising global trade and geopolitical turmoil.

Gold held by the People’s Bank of China rose by 0.09 million troy ounces last month, according to data released on Monday. The central bank’s recent run of buying started in November, after a six-month hiatus that followed an 18-month buying spree.

The PBOC’s purchases are part of a broader trend among central banks across the world seeking to diversify reserves by boosting gold holdings, as ...