The price of gold broke the $2,300 (€2,212) level for the first time this week as geopolitical issues, expectations of US interest rate cuts and China's accumulation of the precious metal spurred interest from speculators.

Gold is seen by investors as a safe haven in times of turmoil and a hedge against currency devaluation, so the conflicts in the Middle East and Ukraine have helped the recent price rise, along with the post-COVID inflation spike.

The move by China's central bank, the People's Bank of China (PBC), has been mirrored by other mostly emerging market central banks, who are all keen to up their gold holdings.

DW takes a look at why Beijing has gone on a gold-buying spree.

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The PBC has been adding to its gold reserves for the past 16 months in a row, according to the World Gold Council. In 2023, the PBC bought more gold than all other central banks.

The industry body calculated China's purchases of the precious metal last year at 225 metric tons, roughly a quarter of the 1,037 tons bought by all the world's central banks.

In January and February alone, the PBC increased its gold reserves by 22 tons, Krishan........

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