Central bank buying lifts spot gold above $4,320 as PBoC adds 640koz in March

ING strategists Ewa Manthey and Warren Patterson noted that gold’s rally remains underpinned by sustained central bank demand. The People’s Bank of China purchased 640,000 troy ounces in March, pushing its official holdings higher for the twenty-first straight month.

Spot gold broke through the $4,320/oz level as the buying cycle reinforced bullish sentiment. The move was also supported by stronger inflows into Chinese gold ETFs, the strategists said.

The steady accumulation by major central banks, particularly in Asia, continues to provide a structural bid for the metal, offsetting headwinds from a strong dollar or higher yields.