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

Why Silver Needs to Slow Down to Go Higher | Dan Dickson – Endeavour Silver

Silver Dips Are Getting Bought, This Is How Breakouts Start | John Feneck

Why $100 Silver Right Now Would Be a Problem | Keith Neumeyer – First Majestic

Recommended

Mercado Begins Field Exploration At Copalito In Advance Of Planned Drill Program

Antimony Resources Drills 8.48% Sb Over 3 Metres, 2.07% Sb Over 27 Metres At Bald Hill

Related News

Gran Colombia Gold Produces 49,058 Gold Ounces In Q1 2021

Gran Colombia Gold (TSX: GCM) this morning reported its gold production figures for the first...

Tuesday, April 13, 2021, 08:08:38 AM

Karora Resources Begins Trading Post-Consolidation Today

Karora Resources (TSX: KRR) announced yesterday evening that the equity will begin trading on a...

Friday, July 31, 2020, 08:36:19 AM

The De-Dollarization Frenzy: China Covertly Buying Gold to Reduce US Dollar Exposure

The West’s sanctions against Russia are backfiring, particularly for the US dollar, which is slowly...

Friday, November 25, 2022, 06:29:00 AM

Westhaven Gold Reports Promising Drilling Results At Shovelnose Gold Property

On May 12, Westhaven Gold Corp. (TSXV: WHN) announced constructive assay results from its ongoing...

Saturday, May 15, 2021, 02:34:00 PM

Gold Mountain Mining Officially Begins Mining Operations At Elk Gold Project

Mining is officially underway over at Gold Mountain Mining (TSXV: GMTN) in just a week...

Tuesday, November 9, 2021, 08:07:47 AM