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

First Phosphate: Building a North American Battery Supply Chain from the Ground Up

Why This War Made the Gold Case Stronger | Michael Gentile

Wall Street Bought the Ceasefire. Now Oil’s Back Over $100 | Todd Bubba Horwitz

Recommended

Total Metals Secures High Grade Critical Minerals Property In Northwestern Ontario

Discovery at Luis Hill Prompts Acceleration of Phase 2 Program for Questcorp

Related News

Mawson Resources Begins Exploration Work In Australia And Finland

Mawson Resources (TSX: MAW) is recommencing activities at its Finland and Australia projects. In the...

Thursday, June 25, 2020, 09:10:01 AM

The End Of The US Dollar As The Reserve Currency? – The Daily Dive feat Russell Starr of Trillium

Today on the Daily Dive, we see the return of Russell Starr, CEO of Trillium...

Wednesday, January 6, 2021, 01:30:00 PM

Great Bear Sees 97% Gold Recovery At Dixie Limb In Metallurgical Tests

Great Bear Resources (TSXV: GBR) this morning released metallurgical test results from its Dixie Limb...

Wednesday, January 27, 2021, 08:02:40 AM

Pegasus Resources: New Exploration Focus In B.C.

Pegasus Resources (TSXV: PEGA), formerly Pistol Bay Mining, recently made a series of interesting moves...

Saturday, January 23, 2021, 05:32:00 PM

February Gold Deliveries Already More Than Twice Last Month’s

Gold deliveries at the COMEX have reportedly soared to record levels in early February, with...

Tuesday, February 4, 2025, 10:44:58 AM