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Citing industry sources with direct knowledge of the matter, Reuters reported that China had severely restricted gold imports since May with an aim to curb the outflow of dollars.

“The world’s second largest economy has cut shipments by some 300-500 tonnes compared with last year – worth $15-25 billion at current prices, the sources said,” Reuters reported.

As of writing, the XAU/USD pair was up 1% on the day at $1,516, showing no signs of a reaction. to this article.