Gold prices remained stable in February (Chart 1). Both the SHAUPM in RMB (-0.04%) and the LBMA Gold Price AM in USD (-0.3%) saw mild declines as investors adjusted their bets on major central banks’ monetary policy pivots. Depreciation in the local currency against the dollar cushioned the monthly loss in the RMB gold price. During the first two months of 2024, RMB gold has held steady, capping a mild gain of 0.3% and still outperforming other assets such as global bonds and commodities (Chart 2). Meanwhile, global equities are roaring towards new records and Chinese stocks, supported by local stimuli also improved ... (full story)