GOLD loses 1.3% as PBoC didn't buy gold after 18-months buying streak

According to data released today, the amount of gold held by the People's Bank of China in May remained unchanged at 72.80 million troy ounces. This is the first time the country has decided not to increase its reserves since October 2022. Analysts suggest that the sizable trend on the precious metal in the medium term may have just been due to the PBoC's massive purchases of gold. According to the World Gold Council, purchases by global public institutions reached record levels in the first quarter, with China being the largest percentage buyer. Spot gold is down more than 1.2% following the release of the central bank's data.

Source: xStation5