After a volatile May, gold has some pep back thanks to those woeful US labour numbers. However, China's official demand levels have just posed a puzzle...The People’s Bank of China kept assets unchanged after boosting them for ten consecutive months through April following the disclosure of a 57% increase since 2009..."...rate hike expectations are essentially back at their mid-May level before the publication of the Fed meeting minutes caused them to rise. At that time, gold was trading at $1,280 per troy ounce..." Commerzbank analysts wrote in a note. "Against this backdrop, gold thus has further upside potential," they concluded...