• 2024-06-09

Gold price under heavy pressure: Chinas central bank without gold purchases in May - US labor market burdened

The price of gold fell sharply on Friday and moved somewhat away from its record high. Values ​​in this article In the afternoon, the price of the precious metal fell on the London Stock Exchange by 67 US dollars per troy ounce (31.1 grams) to 2,308 dollars. Price pressure was caused by a strong US labor market report, which dampened speculation about falling interest rates in the USA. In addition, the Chinese central bank bought less gold . Advertising Trade oil, gold, all commodities with leverage (up to 30) via CFD (from just €100) Participate in price fluctuations in oil, gold and other raw materials with leverage and small spreads! With just 100 euros you can trade with a leverage equivalent to 3,000 euros of capital. Plus500: Please note note 5 of this advertisement. The central bank in Beijing did not continue its massive gold purchases of recent months in May. The countrys gold reserves stagnated in May, according to data from the central bank on Friday. This is the first time since October 2022 that China has not increased its stocks. According to the statement, Chinas gold reserves stagnated in May at 72.80 million troy ounces. That is the equivalent of 2,264.3 tons. In April, the central bank in Beijing bought 60,000 ounces on the market, in March it was 160,000 ounces and in February 390,000 ounces. According to the latest data from the industry association World Gold Council (WGC), Chinas central bank was the biggest buyer on the gold market among central banks in the first quarter. The Chinese central banks gold purchases have been one of the price drivers on the gold market in recent months. The gold price most recently reached a record high of $2,450 per troy ounce in May. In the afternoon, an unexpectedly positive US labor market report put further price pressure on the gold market. A surprisingly strong increase in employment and an unexpectedly strong wage increase in May once again underlined the robust situation on the American labor market . This means that hopes of interest rate cuts in the USA are fading. The prospect of continued high interest rates is putting pressure on demand for investments such as gold, which do not pay interest. /jkr/jsl/ngu LONDON (dpa-AFX) Now available: Invest like Warren Buffett Advertising The Value Stars Germany Index brings together the most promising German stocks according to the strategy of investors such as Warren Buffett and Benjamin Grahamin – with impressive success. Havent invested yet? Find out more here! More gold price news Gold price: Upcoming labor market data from the USA cause excitement Gold price rally and strong balance sheet support: Is Newmont stock a buy? Explosive developments: This is how gold, oil and other raw materials moved in week 22