China's central bank continues to purchase gold at a brisk pace.
The People's Bank of China said it added to its gold reserves for an 18th consecutive month in April of this year.
The country's gold reserves reached 74.64 million ounces by April 30, up from 74.38 million ounces in March of this year.
The value of China's gold reserves stood at $344.17 billion U.S. at month's end, compared to $342.76 billion U.S. at the end of March this year.
China's central bank remains a leading buyer of gold around the world, helping to underpin the precious metal's price.
China's continued buying in April came despite the spot price of gold falling for a second consecutive month.
Gold's price has been under pressure due to concerns that higher oil prices will keep inflation elevated and lead to higher interest rates.
As a non-yielding asset, gold tends to perform best in a low-interest rate environment.
Gold is currently trading at $4,754.00 U.S. per ounce, down from an all-time high of $5,589.38 U.S. per ounce reached on January 28 of this year.
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