Gold News

According to official statistics, the People's Bank of China (PBOC) built up its gold reserves for the seventh month in a row in May. Despite ongoing fluctuations in the price of the yellow metal, the regulator continued to diversify its national reserves.

An increase of the indicator value may contribute to the rise in quotes of Gold.

Gold's recent price surge has widened Indian discounts to their steepest level in more than a month, as dealers respond to weak demand caused by soaring bullion costs, the agency noted. Domestic gold traded near 98,300 rupees ($1,144.6) per 10 grams on Friday.

The World Gold Council (WGC) reported that gold-backed exchange-traded funds (ETFs) posted a net outflow of 19.1 tons ($1.83 billion) in May, marking the first monthly withdrawal in five months.

According to consulting firm Metals Focus, central banks worldwide are set to acquire approximately 1,000 tons of gold in 2025. This would mark the fourth consecutive year of large-scale purchases as regulators seek to diversify their financial assets through precious metals.

Gold prices kept rising after the release of weaker-than-expected US economic data. According to Bloomberg, the statistics bolstered market projections of at least two interest rate cuts by the Federal Reserve (Fed) this year to avert a recession.

Saxo Bank analyst Ole Hansen has noted a sharp rise in gold and silver prices, which he attributes to changes in the macroeconomic environment. The Bloomberg Dollar Spot Index is trading near a two-year low, contributing to the increase in precious metal prices.

According to Reuters, gold prices climbed on Wednesday, recovering from losses in the previous session. The rebound was driven by increased demand from Asian traders and renewed worries over US President Donald Trump’s trade policy.

State Street Global Advisors (SSGA) predicts that gold prices could climb to $5,000 per ounce within the next few years. Such an increase will be largely driven by sustained central bank gold purchases and renewed demand for bullion-backed exchange-traded funds (ETFs).

Peruvian authorities forecast that the country's copper production will reach 2.8 million tons this year, which is slightly higher than last year's figure of 2.7 million tons. This increase will be driven by investments in the mining industry totaling $4.8 billion.