China's central bank increased up its gold reserves for a 19th month in May, data from the People's Bank of China showed on Sunday. The country's gold reserves rose to 74.96 million fine troy ounces by the end of May, versus the previous month's 74.64 million ounces China's gold reserves were valued at $340.75 billion by the end of last month, down from $344.17 billion the month prior, according to the PBOC data. Spot gold prices logged a third straight month of decline in May as peace talks between the United States and Iran failing to yield results. Inflation risks following rising oil prices kept the "higher-for-longer" interest rate theme alive, with the dollar remaining elevated. Gold continued to decline in June and was most recently traded at near $4,330 an ounce.
