Economics
China Paused Monthly Gold Purchases in May After Prices Surged
- Central bank’s holdings of bullion have risen 9% since July
- ‘Higher prices have probably played a role,’ Gambarini says
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China, the world’s biggest producer and consumer of gold, took a break from adding bullion to reserves in May after prices soared 22 percent in the first four months of the year.
The People’s Bank of China kept assets unchanged after boosting them for 10 straight months through April following the disclosure of a 57 percent increase since 2009. Holdings had expanded 9 percent since the start of July to 58.14 million ounces or about 1,808 metric tons, according to central bank data.