China’s PBOC Halts Gold Purchases After Price Hits Record in May

China’s central bank didn’t buy any gold in May, ending a massive gold buying spree that had run for 18 months after the precious metal surged to a record high.

Bullion held by the People’s Bank of China was unchanged at 72.80 million troy ounces in May, according to data released Friday. It’s the first time the country has opted not to add to its reserves since October 2022, and follows a recent move by the central bank to start scaling down the size of monthly purchases.

Gold hit an all-time high above $2,450 an ounce in May, supported by ...