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China’s PBOC halts gold purchases in May after 18 months of buying

2024-06-21FXStreetFXStreet
The People's Bank of China (PBOC) paused gold purchases to its reserves in May, ending a massive buying spree that ran for 18 months, according to Bloomberg.

The People's Bank of China (PBOC) paused gold purchases to its reserves in May, ending a massive buying spree that ran for 18 months, according to Bloomberg. 

China’s central bank has been one of the biggest gold buyers for years, steadily stocking up bullion since 2022 amid rising geopolitical tensions. China held 72.80 million troy ounces of gold at the end of May, which remained constant from the end of April, the data showed. The value of China’s gold reserves increased to $170.96 billion at the end of May from $167.96 billion in April. 

Market reaction  

At the time of press, Gold price (XAU/USD) was up 0.12% on the day at $2,296. 

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