Gold Falls Nearly 3% Following China’s Central Bank Failing To Add To Reserves In May

China’s central bank has stopped its buying spree of gold. The People’s Bank of China has indicated that its bullion holdings are unchanged as of the end of May, signaling the end of what was an 18 month long buying spree of the yellow metal.

The People’s Bank had been aggressively acquiring gold since November 2022, leading to purchases of the metal by other central banks as geopolitical tensions rise.

The price of gold has slumped in response to the news, falling by over $67 per ounce to $2,307, a decline of nearly 3.0%.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Agnico Q1 Earnings Results Overshadowed By A Sinking Gold Price

Why More People Are Starting to Feel Broke | Darrell Thomas – VRIC Media

Newmont Q1 Earnings: A Billion In Free Cash Flow… A Month!

Recommended

Silver47 Pulls High-Grade Gold and Silver Assays from Nevada Vein Network At Kennedy

Canadian Gold Resources Taps Chernin as Interim CEO in Planned Transition

Related News

Gold and Crypto Sent Soaring as Investors Seek Shelter From Inflation

With the Fed now contending with a complete collapse of its transitory narrative, gold and...

Thursday, November 11, 2021, 04:04:00 PM

Karora Resources Begins Trading Post-Consolidation Today

Karora Resources (TSX: KRR) announced yesterday evening that the equity will begin trading on a...

Friday, July 31, 2020, 08:36:19 AM

Karora Resources Hits 13.6 g/t Gold Over 5.3 Metres At Beta Hunt

The laterst drill results from Karora Resources (TSX: KRR) are expected to have significant positive...

Tuesday, August 2, 2022, 08:23:23 AM

Outcrop Gold Strikes 0.95 Meters Of 69.6 G/T Gold, 5,550 G/t Silver At Santa Ana

Outcrop Gold Corp (TSXV: OCG) this morning released assay results from its ongoing drill program...

Monday, September 14, 2020, 08:21:42 AM

B2Gold Produces 310,261 Gold Ounces In Q3 2021, Increases 2021 Guidance

B2Gold Corp. (TSX: BTO) announced this morning its quarterly production results for Q3 2021, posting...

Tuesday, October 19, 2021, 10:25:00 AM