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China's central bank stopped briefly gold purchases in May after 18 months of purchasing

China's reserve bank stopped briefly gold purchases to its reserves in May, when area gold costs hit a record high, after 18 months of consecutive purchases, main data showed on Friday.

Spot gold prices fell after the information and were last down 1.4% at $2,342 per ounce. Safe-haven need driven by geopolitical and economic uncertainty contributed to a rally in gold from March to May, taking spot costs to a record $2,449.89. per ounce on May 20.

China held 72.80 million troy ounces of gold at the end of. May, the same from the end of April, the data revealed. The value. of China's gold reserves rose to $170.96 billion at the end of. May from $167.96 billion at the end-April.

Individuals's Bank of China (PBOC) did not instantly reply. to a ' ask for remark.

Need from worldwide central banks for gold has actually risen. for two years, supporting rates. The PBOC was the biggest. main sector buyer of gold in 2023 with net purchases of 7.23. million ounces, according to the World Gold Council, the most. for a single year considering that at least 1977.

China is nowhere near done buying gold, however the time out likewise. highlights they are humans, balking at the prospect of paying. record costs, stated Ole Hansen, head of product strategy at. Saxo Bank.

In general, gold is still consolidating and the news will. likely lengthen that stage, however overall the long-term bullish. outlook has not altered, he included.