China increases gold holdings for 5th straight month - Xinhua News Agency

China increased its gold holdings for the fifth consecutive month in April, the People's Bank of China said on Tuesday, according to Xinhua News Agency. 

Gold reserves rose by 480,000 ounces month on month to 61.1 million ounces in April. Despite the uptick, gold reserves still make up a small percentage of China's massive reserves of more than three trillion US Dollars.

The yellow metal is currently trading at $1,287 per Oz, the highest level since May 1.