China Halts Gold Buying After 18-Month Stretch, Gold Drops $20 per Ounce

Jun 7, 2024, 08:16 AM

China's People's Bank of China (PBOC) has halted its gold buying for reserves after an 18-month stretch. This decision, which occurred last month, comes after gold prices hit record levels, leading to a $20 per ounce drop in spot gold prices. The PBOC was the biggest net buyer of gold last year, adding significance to this move.