Gold prices pulled back last month (Chart 1). Hawkish tones and rate hikes from major central banks, among other factors, weighed on gold. While the SHAUPM fell by just 0.2%, its USD peer witnessed a 3% decline. The RMB gold price’s resilience was mainly due to the local currency’s 2% depreciation against the dollar in June. {chart} During H1 both the USD and RMB gold price saw a sizable upsurge. The range-bound dollar and yields, event risk hedging and continued central bank purchases were key contributors. Combined with local currency weakness, the RMB gold price concluded H1 with the highest ever monthly average ... (full story)