Iran deal optimism pushes oil price down; UK builders hit by surge in costs – business live

China’s central bank bought gold for an 18th straight month in April, lifting PBoC reserves to 74.64m fine troy ounces from 74.38m in March. The reported value of China’s gold holdings also rose to $344.17bn from $342.76bn, even as the gold price only stabilised in April after a sharp 11.5% decline in March. The buying reinforces the view that official-sector demand remains a structural support for bullion despite near-term price volatility. The article does not give the April purchase tonnage, but the persistence of PBoC accumulation is notable given the March washout and suggests China is still diversifying reserves rather than waiting for a lower price. For the desk, the key implication is that central-bank bid support remains intact into the second quarter, which should help cushion downside on any further risk-off/risk-on swings in broader macro markets. Near-term gold direction will still be driven by USD and real-rate moves, but sustained PBoC buying keeps the medium-term floor firmer than headline price action alone would suggest.