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

Silver Is in a New Price Regime, and the Market Isn’t Used to It | Keith Neumeyer – First Majestic

Agnico Eagle Just Made a Massive Gold Land Grab

A Copper-Gold Deposit Caught the White House’s Attention | Rob McLeod – Cambria Gold

Recommended

Antimony Resources Drills 4.38% Sb Over 7.05 Metres At Bald Hill In Final Hole Of 2025 Program

Kirkland Lake Drills 121 Metres Of 1.01 g/t Gold At Mirado

Related News

iMetal Samples 69.7 G/T Gold At Gowganda

iMetal Resources, Inc. (TSXV: IMR) came forth today with the assay results from the April...

Thursday, June 10, 2021, 10:01:00 AM

Centerra Gold Sees Kumtor Subsidiaries File Preemptive Bankruptcy After Kumtor Mine Seizure

Centerra Gold Inc. (TSX: CG) announced late Monday night that its wholly-owned subsidiaries Kumtor Gold...

Tuesday, June 1, 2021, 09:07:46 AM

Dalio’s Bridgewater Bets Big on Gold

Bridgewater Associates, the world’s largest hedge fund, has opened a new $318.8 million position in...

Friday, May 16, 2025, 10:47:00 AM

Skeena Sees Resource Estimate Upgraded To 5.3 Million Gold Equivalent Ounces

Skeena Resources (TSX: SKE) this morning posted an updated mineral resource estimate for its Eskay...

Wednesday, April 7, 2021, 09:24:46 AM

Agnico Eagle Posts US$966.3 Million In Revenue For Q2 2021

Agnico Eagle Mines Limited (TSX: AEM) released today its second quarter 2021 financial results, which...

Thursday, July 29, 2021, 11:52:00 AM