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

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

First Majestic Posts Record Quarterly Silver Production In Q3

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

Related News

SSR Mining Hits 40.7 Metres Of 7.48 G/T Gold At Ardich

SSR Mining Inc. (TSX: SSRM) reported today more than a year’s worth of drill results...

Wednesday, August 18, 2021, 09:44:00 AM

Exploits Obtains Drill Permits For Little Joanna Veins Prospect

Exploits Discovery (CSE: NFLD) has received additional permits for its planned 2021 drill programs. The...

Tuesday, April 13, 2021, 09:01:35 AM

The Next Big Catalyst for Gold — With Doug Casey

Returning to the Daily Dive is Doug Casey, a world-renowned resource speaker, New York Times...

Wednesday, March 15, 2023, 01:30:00 PM

Exploits Discovery Samples 61.3 G/T Gold, 189.2 G/T Silver At Dog Bay

Exploits Discovery (CSE: NFLD) this morning reported results from its 2020 prospecting campaign on the...

Tuesday, February 9, 2021, 07:50:56 AM

Pegasus Resources Begins Follow-Up Exploration At Golden, BC Properties

Pegasus Resources (TSXV: PEGA) has begun a work program on its high priority properties. The...

Wednesday, August 11, 2021, 08:53:19 AM