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Gold prices have experienced significant fluctuations over the past few days. On June 5, gold was back above $2,350 in US dollar terms. By June 6, spot gold had risen 0.5% to $2,365 per ounce, marking its highest level in two weeks. Later that day, gold prices reached $2,370, the highest since May 23. By the evening of June 6, gold was trading at $2,373, and silver had increased by 2%. On June 7, gold prices surged to $2,400 and then to $2,385. However, later on June 7, spot gold fell 1.5% following reports that the People’s Bank of China paused their gold purchases in May after 18 months of continuous buying. Silver also dropped more than 2% despite a weakening U.S. dollar.
Gold comment: #Gold lost altitude after newswires reported the #PBOC after 18 months of non-stop buying paused their purchases in May. China, a major driver of the gold rally in the past year, is nowhere near done buying gold, but the pause also highlights they are humans,… https://t.co/wJ5aU4IhEd
Spot #gold fell 1.5% on Friday following reports that the People’s Bank of China paused their purchases in May after 18 months of continuous buying, while silver shed more than 2% even as the U.S. dollar weakened.
#China SHFE warehouse changes (weekly update): #Copper +15,269t (+4.75%)📈 #Aluminum +8,797t (+4.04%)📈 #Zinc -1,988t (-1.54%) #Lead +4,157t (+6.95%)📈 #Nickel +178t (+0.70%) #Tin -1,324t (-7.51%)📉 #Rubber +45t (+0.02%) https://t.co/hTaAHZFB7V
