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.
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 on Sunday. 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.
