Data from the People’s Bank of China, the country’s central bank, revealed on Sunday that China has increased its gold reserves for the nineteenth consecutive month as of May. The reserves rose to 74.96 million ounces by the end of May, up from 74.64 million ounces in April, according to Reuters.
Despite the increase in quantity, the dollar value of these reserves fell to $340.75 billion at the end of last month, down from $344.17 billion in April. This decline resulted from a decrease in global gold prices, which significantly impacted the valuation of the reserves.
Gold prices in spot trading experienced a decline for the third consecutive month in May. This drop occurred amid stalled peace talks between the United States and Iran, which failed to yield tangible results. Additionally, inflation risks continued due to rising oil prices, while a strong dollar negatively affected the precious metal’s value.
In June, gold prices continued to decline, trading recently at approximately $4,330 per ounce. This trend suggests that the market may face further challenges, potentially impacting investment strategies in gold. Consequently, analysts expect gold prices to remain under pressure in the near future.
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