China's demand for gold is reaccelerating: Chinese gold imports rose to 162 tonnes in March, the highest since March 2024. This marks the 3rd consecutive monthly increase. Year-to-date, China has imported ~365 tonnes of gold. Furthermore, China’s central bank acquired 5 tonnes of gold in March, the highest monthly addition since February 2025. This marks the 17th consecutive monthly purchase, and brings total official holdings to a record 2,313 tonnes. China is still stockpiling gold.(The Kobeissi Letter)