China Central Bank Extends Gold Buying Streak to 19 Months in May

Data from the People's Bank of China (the central bank) showed on Sunday that it increased its gold reserves for the 19th consecutive month in May. The country's gold reserves rose to 74.96 million ounces of pure gold by the end of May, compared to 74.64 million ounces in the previous month. Data from the Chinese central bank revealed that the value of the state's gold reserves reached $340.75 billion at the end of last month, down from $344.17 billion in the previous month. Spot gold prices fell for the third consecutive month in May, as peace talks between the United States and Iran failed to yield results. Inflation risks, following rising oil prices, kept the possibility of "higher interest rates for longer" alive, with the dollar continuing to gain. Gold continued to decline in June, recently trading at nearly $4,330 per ounce.