(Bloomberg) -- China expanded its gold reserves for a sixth straight month in April, underlining its push to boost holdings of the precious metal as prices trade near a record and the trade war rumbles on.

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Bullion held by the People’s Bank of China rose by about 70,000 troy ounces last month, according to data on Wednesday. In the latest six-month span, volumes have climbed by close to 1 million ounces, or about 30 tons.

Gold has rallied to successive records this year, supported by concerted central-bank buying as authorities seek to diversify holdings away from the US dollar. Bullion’s upswing — with prices up nearly 30% this year — has also been aided by rising investment demand as the US-led trade war unsettles financial markets, raises concern about US assets, and drives haven demand.

In China, there have been signs investors are piling into gold, with volumes on the Shanghai Futures Exchange surging to a record in recent weeks. The voracious onshore appetite has also seen the PBOC issuing fresh quotas for commercial banks to import bullion.

At the same time, the authorities have moved to shore up support for the economy, and set the stage for trade talks with senior US officials later this week. On Wednesday, Beijing reduced its policy rate and lowered the amount of cash lenders must keep in reserve, highlighting efforts to buttress growth.

Central banks have increased their gold purchases roughly five-fold since 2022, after a freeze on Russian reserves, according to Goldman Sachs Group Inc., which has been among the most vocal bullion bulls in recent months. The trend is likely “a structural shift in reserve-management behavior, and we do not expect a near-term reversal,” analysts said in a March note.

At that time, the bank estimated that the PBOC held around 8% of its reserves in gold, below the global average of about 20%, and also far lower than the elevated share seen in some developed economies. If Beijing were targeting an allocation of 20%, and maintained an average pace of about 40 tons a month, it would take about three years to reach a that level, the analysts said.

Spot’s gold latest peak came in April, when prices topped $3,500 an ounce. They’ve posted gains every month so far this year, and were last at about $3,387.

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