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

A $2.2B Gold Project Is Outgrowing Its Plan | Michael Henrichsen – Gold X2 Mining

Pay for the Copper, Get the Gold Free | Rob McEwen – McEwen Inc

This Gold Discovery Was Already Huge. Now It’s Becoming a Monster. | Goliath Resources

Recommended

Homeland Nickel Signs Binding Offtake With Westwin for 20,000 Tonnes of Concentrate a Year

Golden Cariboo’s First Quesnelle Resource Estimate Tallies 1.19 Million Gold Equivalent Ounces

Related News

Blackrock Gold Hits 1.5 Metres Of 4,643 G/T Silver Equivalent At Tonopah West

Blackrock Gold (TSXV: BRC) this morning reported further results from its flagship Tonopah West project,...

Thursday, October 8, 2020, 09:11:50 AM

Why This Gold Run Could Be Bigger | Roger Rosmus – Goliath Resources

Roger Rosmus, Founder & CEO of Goliath Resources (TSXV:GOT), doesn't hold back on his thoughts...
Sunday, September 28, 2025, 03:34:00 PM

Sierra Madre Nears Completion Of Drill Program, Begins Trenching Program

Sierra Madre Gold and Silver Ltd. (TSXV: SM) this morning provided an update on recent...

Friday, June 18, 2021, 08:06:25 AM

Russia Dramatically Increases Gold Purchases As Oil and Gas Revenue Surges

The Russian Finance Ministry has announced a substantial increase in its gold purchases starting September...

Saturday, September 7, 2024, 07:33:00 AM

Lundin Mining Sees BMO Maintain Price Target Following Q3 Earnings

Yesterday Lundin Mining (TSX: LUN) reported their third quarter earnings. Third-quarter cash flows were +$272.2...

Thursday, October 29, 2020, 03:29:00 PM