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

Moon River Moly: The Davidson Moly-Copper-Tungsten PEA

Integra: The DeLamar Heap Leach Feasibility Study

Highlander Silver: The Saviour Of Bear Creek Mining

Recommended

Steadright Subsidiary NSM Capital Sarl Applies For License At Titanbeach One

Goliath Resources Accelerates Option Agreement On Golddigger While Reducing NSR

Related News

K92 Mining Releases Assays From Twelve Drill Holes At Kora Deposit

K92 Mining (TSXV: KNT) this morning released results from drilling that is ongoing at its...

Thursday, August 27, 2020, 08:38:02 AM

Central Banks Buy Record Amount Of Gold In Q3

Central Banks bought more gold than ever last quarter, according to the World Gold Council’s...

Wednesday, November 2, 2022, 04:32:00 PM

New Found Gold To Commence Trading Today

New Found Gold (TSXV: NFG) this morning announced that it has completed its $27.3 million...

Tuesday, August 11, 2020, 09:06:42 AM

Victoria Gold Reports 55,827 Ounces Produced At Eagle Gold Mine In Q3 2021

Victoria Gold Corp. (TSX: VGCX) announced this morning its production results for Q3 2021 at...

Tuesday, October 12, 2021, 11:10:00 AM

Sweden’s Gold Rush: First Nordic’s 100,000 Hectare Opportunity with Adam Cegielski

In this interview at the Precious Metals Summit 2024, Adam Cegielski, Chief Development Officer of...

Saturday, September 14, 2024, 09:57:00 AM