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
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.