Gold drops on news from China

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The price for gold suddenly plummeted starting from 08:00 GMT, as the price dropped from 2,373.80 down to 2,345.50.

This move was caused by the reveal that the Chinese government has ended its 18 month streak of buying gold around the world in order to create reserves. Namely, a major buyer has just exited the market.
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