On April 5, local time, international gold prices hit a new all-time high. Citigroup said it raised its 0-3 month price targets for gold and silver by 9% and 16% respectively.
China's gold reserves stood at 72.74 million ounces at the end of March and 72.58 million ounces in February. Turkey and China once again became the world's two largest official gold buyers. The return of allocation funds may become another driving force for the rise in gold prices.