Gold Buying Halted in China for Second Month in a Row
China’s central bank, the People’s Bank of China (PBOC), has halted its gold accumulation for the second consecutive month, maintaining its reserves at 72.8 million troy ounces.
This decision marks the end of an 18-month streak of continuous monthly purchases that began in November 2022 and contributed to record-high gold prices. According to the World Gold Council, China’s official gold holdings remained stable at 2,264 tonnes.
Analysts speculate that fluctuating global gold prices and domestic economic factors such as inflation and growth rates may have influenced the PBOC’s decision to pause its buying spree. Despite the official pause, there are indications that China may continue to acquire gold discreetly amid ongoing market conditions.
Clever Robot News Desk 11st July 2024
