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

30X More Chances to Find Gold | Kevin Reid – Arizona Eagle Mining

This Gold Mine Is Worth $2.4 Billion With Just 2 Ounces Per Truckload – Liberty Gold

Gold Giant Bets $50 Million On Japan | Japan Gold x Solidcore

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

SSR Mining Posts US$322.8 Million In Revenue For Q3 2021

SSR Mining Inc. (TSX: SSRM) reported today its financial results for the third quarter of...

Wednesday, November 3, 2021, 11:46:00 AM

Grande Portage Raises $3.8 Million In Private Placement

Grande Portage Resources (TSXV: GPG) yesterday announced the closing of their previously announced financing. The...

Friday, June 11, 2021, 09:28:58 AM

Candelaria Mining Increases Financing To $9.3 Million

Candelaria Mining (TSXV: CAND) has upsized a previously announced private placement. Originally pegged at $7.8...

Wednesday, September 22, 2021, 08:47:24 AM

Gold Still Has The Ability To Go Over $3,000 | Kenneth MacLeod – Sonoro Gold

In this interview, Kenneth MacLeod, President & CEO of Sonoro Gold Corp (TSXV: SGO), provides...

Saturday, December 14, 2024, 01:28:00 PM

Grande Portage Contracts Second Drill For Herbert Gold Drill Program

Grande Portage Resources (TSXV: GPG) this morning announced that it is stepping up its drill...

Wednesday, July 21, 2021, 08:13:32 AM