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PBoC buys gold for 18th straight month, but April also marked second month of sharply lower purchases
The People's Bank of China (PBoC) added to their bullion reserves for the 18th month in a row, but April also marked the second month in a row of dramatically lower quantities, suggesting that record-high prices may finally be souring the central bank on gold. The PBOC bought 60,000 troy ounces of gold last month, far lower than the 160,000 ounces it purchased in March, and a far cry from February’s 390,000 ounces. March’s figure was the smallest since the central bank began its record run of purchases in November 2022, and April’s amount was 63% lower than that. While market participants speculated that the ... (full story)