PremiumWhile gold remains stubbornly stuck in its descending channel, UBS strategist Joni Teves writes overnight that the precious metal is "consolidating as market participants continue to recalibrate rate expectations in response to fresh headlines and data."
After Brief Hiatus, Central Banks Flood Back Into Gold Led By China's Massive 48 Ton Purchase
In May, central bank bought a whopping 81 tonnes of gold, with China the largest identifiable buyer at 48 tonnes, which was the biggest monthly total in over a year.
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