People’s Bank of China Holds Gold Reserves Steady, Gold Prices Dip

Official data reported on Sunday revealed that the People’s Bank of China (PBoC) did not increase its gold reserves for the second consecutive month in June, as reported by Bloomberg.

China’s gold reserves remained unchanged at 72.80 million troy ounces at the end of June, the same level as at the end of May. However, the value of these reserves decreased from $170.96 billion to $169.70 billion during the same period, according to official data.

Market Reaction

As of the latest update, the price of gold (XAU/USD) has declined by 0.21% today, trading at $2,386. This slight dip in gold prices follows the news of unchanged gold reserves by China’s central bank, which suggests a muted impact on market sentiment for the precious metal.