Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

China’s Central Bank Suspends Gold Buying for Second Month

by admin July 10, 2024
July 10, 2024
China’s Central Bank Suspends Gold Buying for Second Month

The People’s Bank of China (PBOC) revealed on Sunday that it did not purchase gold in June after doing the same in May.

Since setting a record high of US$2,450 per ounce in May, gold prices have been volatile. Gold started July at about US$2,330 before rallying 3 percent last week to US$2,390, marking the most significant weekly gain in three months.

However, it fell back down following the news of the PBOC’s decision to hold off on bullion purchases.

Prior to its lack of purchases in May, the PBOC had purchased gold each month since January 2023. As of June, the PBOC’s gold holdings total 72.8 million troy ounces, or 2,063 metric tons (MT).

In contrast to the PBOC, the Reserve Bank of India reportedly increased its bullion reserves by over 9 MT in June, marking the most significant monthly addition in nearly two years and bringing India’s total gold reserves to 841 MT

Central banks globally have been key drivers of gold demand. According to the World Gold Council’s Q1 2024 report, central bank net demand for gold reached 290 MT in the first quarter, the highest Q1 total in their data series since 2000.

This demand was spread among many countries. Central banks in East and Central Asia, including China, Turkey and India, accounted for the majority of net purchases in Q1 2024.

Market specialists have held that China’s pause in gold acquisition can be expected following rallying gold prices.

Christopher Wong, a foreign-exchange strategist at Oversea-Chinese Banking, told Bloomberg, ‘(I)t is not uncommon for China to temporarily halt purchases, given that gold prices have rallied quite sharply.”

“It appears that gold prices remain a little too high and the PBOC is waiting for a further pullback before resuming its gold purchasing programme,” Nitesh Shah, a commodity strategist at WisdomTree, told Reuters.

As of 4 p.m. PDT on July 9, the spot gold price stood at US$2,364.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Canada Nickel Closes Previously Announced US$15 Million Loan Facility with Auramet International, Inc.
next post
Brightstar Fast-Tracks Development Timeline with Decision to Proceed to Definitive Feasibility Study

Related Posts

Can You Invest in Neuralink?

August 29, 2025

Merger Discussions Between Brightstar and Aurumin

June 30, 2025

$4,000 Gold on the Horizon? Why Smart Money...

April 26, 2025

Troy Minerals Strengthens Leadership Team

November 7, 2024

Altech Batteries LtdBreakthrough 55% Higher Energy Density Anodes

October 17, 2024

Alderan Receives Approval to Commence Drilling at New...

August 3, 2024

WPIC: 2024 Platinum Deficit Revised Upward to 476,000...

May 15, 2024

Agnico Eagle Expands Investment in Collective Mining with...

March 18, 2025

SEC Approves 8 Spot Ethereum ETFs in Landmark...

May 24, 2024

Initial Exploration Program Completed at Cosmo Gold Project

April 29, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Dem senator compares American founding principle to Iran’s theocracy: ‘Extremely troubling’

      September 5, 2025
    • China shows missiles, Trump shows muscle: Xi’s strategy can’t match US

      September 5, 2025
    • VP Vance curses out senators after heated Kennedy hearing: ‘Full of s— and everyone knows it’

      September 5, 2025
    • Trump stands by RFK Jr. after heated Senate hearing: ‘I like the fact that he’s different’

      September 5, 2025
    • Whatever happened to: The Qatar Air Force One jet

      September 5, 2025

    Categories

    • Business (1,101)
    • Investing (2,978)
    • Politics (3,629)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved