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China's central bank keeps gold buying on hold for second month

Section: Daily Dispatches

Bloomberg doesn't really know what its headline says. What Bloomberg knows and should mean is that the People's Bank of China didn't report buying gold for a second month. Central bank gold data is often misleading or false -- -- just like mainstream financial journalism about gold and other topics that are inconvenient for central banking.

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From Bloomberg News
via Yahoo News, Sunnyvale, California
Saturday, July 6, 2024

China's central bank didn’t buy any gold for a second month in June, as the precious metal edged lower from a record high.

Bullion held by the People's Bank of China was unchanged at 72.8 million troy ounces at the end of last month, according to official data released today. The central bank opted not to add to reserves in May, ending an 18-month buying spree that helped push gold prices to their highest ever.

... Dispatch continues below ...


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Some analysts still believe that purchases will resume as the world's second-biggest economy seeks to diversify its reserves and guard against currency depreciation. 

About 20 central banks still expect to raise their gold holdings in the coming year, spurred by heightened geopolitical and financial risks, according to a World Gold Council report. ...

... For the remainder of the report:

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