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Gold (XAU/USD) Slips After the PBoC Step Back from Buying for the Second Month

July 8, 2024

Via: DailyFX

Gold prices are under slight pressure as China’s central bank – the People’s Bank of China (PBoC) – holds off on purchases for the second straight month. This absence of a significant buyer – the PBoC have been a constant buyer of gold over the last 18 months – leaves the precious metal susceptible to profit-taking after last week’s NFP-inspired rally. The precious metal traded at a six-week high last Friday at just under $2,400/oz. but has drifted lower today after the weekend news.

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