China's central bank extends gold buying spree for 19th month in May

China's central bank increased up its gold reserves for a 19th month in May, data from the People's Bank of China showed on Sunday.

• The country's gold reserves rose to 74.96 million fine troy ounces by the end of May, versus the previous month's 74.64 million ounces
• China's gold reserves were valued at US$340.75 billion by the end of last month, down from US$344.17 billion the month prior, according to the PBOC data.
• Spot gold prices logged a third straight month of decline in May as peace talks between the United States and Iran failing to yield results. Inflation risks following rising oil prices kept the "higher-for-longer" interest rate theme alive, with the dollar remaining elevated.
• Gold continued to decline in June and was most recently traded at near US$4,330 an ounce.

Reuters

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