(May 7): China’s central bank expanded its gold reserves for an 18th straight month in April, extending a buying spree that helped drive the precious metal to a record high.

Bullion held by the People’s Bank of China (PBOC) rose by 60,000 troy ounces last month, according to official data released on Tuesday. That’s equivalent to about 1.87 tonnes, and takes total holdings to 2,264.3 tonnes.

Gold hit an all-time high above US$2,400 (RM11,436) an ounce in April, after a rally underpinned by strong demand from the world’s central banks — especially the PBOC. First-quarter purchases by the public institutions racked up the strongest start to any year ever, and China was the top buyer, according to the World Gold Council.

Prices of the precious metal have rallied despite some typical headwinds, such as a strong dollar or stubborn US inflation, which has prompted traders to wind back bets on US rate cuts this year.

Robust demand from Chinese consumers has also helped drive prices higher, while haven buying amid conflicts in Ukraine and the Middle East has added support for gold.