Gold Bullion Slips as China Skips Buying Again, France Votes Against Le Pen
Gold Price News By Atsuko Whitehouse – Monday 8th July 2024
GOLD FELL from 7-week highs in London's bullion market on Monday as price pressure in the precious metal's No.1 consumer nation China sank to the weakest so far in 2024 after the Chinese central bank said it didn't buy gold for the second month running in June, writes Atsuko Whitehouse at BullionVault.
Western stock and bond markets rose slightly, with the CAC40 in Paris 0.2% higher following the hard left's surprise defeat of the far-right National Rally in France's parliamentary elections.
India and Poland both continued adding to their gold reserves last month, according to data analysed by the mining industry's World Gold Council.
But the People's Bank of China held its reported gold bullion holdings at 2,264 tonnes, unchanged from April's figure, after ending 18 months of consecutive gold buying in May, according to the State Administration of Foreign Exchange site.
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