People's Bank of China Extends Gold Buying
Data from the People's Bank of China show that gold reserves increased for the nineteenth consecutive month in May, reaching 74.96 million ounces valued at $340.75 billion. Meanwhile, the price of gold declined to around $4,330 per ounce. Gold consumption in China rose by more than 4% in the first quarter of the year, with increased inflows into metal investment funds, as gold outperformed U.S. Treasury bonds in central bank holdings. Additionally, China’s foreign exchange reserves increased to $3.44 trillion.
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