07/06/2024
China’s central bank didn’t buy any gold last month, ending a massive buying spree that had run for 18 months after the precious metal surged to a record high.'
'In April, the PBOC bought 60,000 ounces, down from 160,000 ounces in March, and 390,000 ounces in February.'
Less demand may justify the loss of bullish momentum over past few weeks, and the published report from PBOC may justify today's drop. But, data are old and I doubt the reaction will continue. Eyes on the NFP.