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

Tungsten Went 6X. I Went to See the Deposit Time Forgot | DD-on-the-GO! – Rackla Metals Inc

The World’s Largest Undeveloped Gold Project Nears a Deal | Rudi Fronk – Seabridge Gold

One of the World’s Biggest Copper Mines Could Reopen Just to Shut Down | First Quantum

Recommended

First Majestic Produces 3.4 Million Ounces of Silver in Q3 2026, Jerritt Canyon Restart Remains on Track

Altamira Gold Drills 134 Metres of 0.5 g/t Gold at Maria Bonita, Hole Ends in Mineralization

Related News

Labrador Gold Sees Grab Sample Register 1,065 G/T Gold At Kingsway

Labrador Gold (TSXV: LAB) this morning released assays from its recent grab sample program conducted...

Thursday, December 3, 2020, 08:38:25 AM

Tarachi Gold Begins Second Phase Of Drilling At Historic Mine

Tarachi Gold (CSE: TRG) has begun the second phase of its underground drill program at...

Friday, March 5, 2021, 07:52:46 AM

Canagold Resources: Promising Initial Drilling Results at New Polaris Gold Project

On July 6, Canagold Resources Ltd. (TSX: CCM) announced high-grade assay results from the first...

Thursday, July 8, 2021, 12:39:00 PM

Trillium Gold Closes Acquisition Of 80% Stake In Gold Centre Property

Trillium Gold Mines (TSXV: TGM) this morning issued a brief news release, indicating that the...

Wednesday, February 24, 2021, 08:29:19 AM

Central Bank Gold-Buying In 2022 Was at A 55-Year High, WGC Says

Central banks broke a 55-year gold-buying record in 2022. The gold rush, which is likely...

Wednesday, February 1, 2023, 02:17:00 PM