GOLD ICYMI: People’s Bank of China completely stopped buying last month

June 08, 2024 at 02:49PM
The PBOC is China’s central bank and the biggest buyer of gold in the world. Data hit on Friday that the Bank bought zero gold in May:

ForexLive European FX news wrap: ECB tries to justify rate cut, gold dips on China

In May 2024 gold prices hit a record high, and it looks like the PBOC stepped back from reserve buying in response. The Bank had been buying in each of the preceding 18 months.

China’s purchases dwindled in March and April:

in February the PBoC bought 390,000 ounces

in March, 160,000

in April, 60,000

in May, 0

The pause in May had taken heat out of the rally and the news on Friday pulled the rug.

The cessation of buying in May should be viewed as a pause, the Bank is not done buying. USD2275/80 and thereabouts is some technical support on the daily chart.

This article was written by Eamonn Sheridan at www.forexlive.com.

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