China buys gold for seventh straight month, adds 16 tonnes to reserves in May China gold
- The gold market continues to struggle in neutral territory, with prices holding support above $1,950 an ounce but unable to retest resistance at $2,000 an ounce; however, there is still one consistent buyer of gold in the current environment.
Analysts have noted that central bank demand has transformed the gold market since last year when the World Gold Council reported record official sector demand of 1,078 tonnes. "Escalating geopolitical conflict has increased the importance of owning a neutral asset with no counterparty risk that also carries centuries of credible history as a haven. Gold is the only asset that qualifies," he said in a recent report.
Analysts expect central banks to continue buying gold, even if the pace is lower than last year's record.
France Dernières Nouvelles, France Actualités
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