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07-06-2024, 04:47 PM
After price hit record. Gold price is going to drop. Likely to test USD 2,200.
Quote:China’s central bank didn’t buy any gold last month, ending a massive buying spree that had run for 18 months after the precious metal surged to a record high.
Bullion held by the People’s Bank of China was unchanged at 72.80 million troy ounces in May, according to data released Friday. It’s the first time the country has opted not to add to its reserves since October 2022, and follows recent moves by the central bank to start scaling down the size of its monthly purchases.
Spot gold fell as much as 1.1% after the PBOC data.
Gold soared to an all-time high above $2,450 an ounce in May, supported by strong central bank buying. The PBOC’s demand for bullion has come as the world’s second-biggest economy seeks to diversify its reserves and guard against currency depreciation. First-quarter purchases by the world’s public institutions were at record levels, and China was the top buyer, according to the World Gold Council.
https://www.bloomberg.com/news/articles/...ord-in-may
