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China's gold buying slows as reserves grow for 18th straight month
At least the gold buying slowed if you believe official data, as Bloomberg News usually does
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By Sybilla Gross and Jack Ryan
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Tuesday, May 7, 2024
China's central bank topped up its gold reserves for an 18th straight month in April, although the pace of buying slowed in the face of record prices.
The People's Bank of China has long been one of the market's largest buyers, steadily growing its bullion holdings since 2022. However, the precious metal's record-breaking rally since mid-February -- with successive all-time-highs reached last month -- seems to have dented demand.
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In April the PBOC bought 60,000 troy ounces, according to official data released today. That's down from 160,000 ounces in March, and 390,000 ounces in February. ...
... For the remainder of the report:
https://finance.yahoo.com/news/china-gold-buying-slows-reserves-120837975.html
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