China’s PBOC Keeps Gold Buying on Hold for Second Month
- PBOC goes second consecutive month without purchases
- Inconclusive outcome in French elections eases concerns
This article is for subscribers only.
Gold fell after its biggest weekly advance in three months, with central bank purchases and European equities in focus.
Bullion traded near $2,359 an ounce after rallying by almost 3% last week. The People’s Bank of China didn’t add to its reserves for a second consecutive month in June, according to the World Gold Council. That may be a cause of concern for investors, said Giovanni Staunovo, a research analyst at UBS Switzerland AG.