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

Everybody Should Own Gold | George Bee – U.S. Gold Corp.

A $40M Company Created $2B in Mining Value | John-Mark Staude – Riverside Resources

The Debt Crisis Is Turning Gold Into Money | Shawn Khunkhun – Contango Silver and Gold

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

Equinox Gold Sees Measured & Indicated Resource Of 1.4 Million Gold Ounces At Mesquite Mine

Equinox Gold Corp. (TSX: EQX) shared today the updated mineral reserve and mineral resource estimate...

Wednesday, September 8, 2021, 09:45:00 AM

Why Gold Futures Are Not In Line With Spot Prices

It appears that even gold markets are not immune to the effects of a global...

Tuesday, March 24, 2020, 09:52:01 PM

Market Movers Has The Straight Goods On Turmalina Metals Corp

Turmalina Metals Corp. (TSXV: TBX) did six million shares worth of volume this past Friday,...

Tuesday, September 1, 2020, 12:53:00 PM

Inca One Reports 94% Increase In Gold Production For May

Inca One Gold Corp (TSXV: INCA) this morning reported its production results for the month...

Tuesday, June 8, 2021, 07:51:36 AM

New Found Gold Begins 12,000 Metre Drill Program At Keats Zone

New Found Gold (TSXV: NFG) this morning announced that it has begun its 12,000 metre...

Wednesday, September 9, 2020, 09:12:23 AM