China’s gold market update: Investment robust in February

From gold.org

Gold prices rose further. Both the SHAUPM in RMB and the LBMA Gold Price PM in USD climbed higher between 27 January and 28 February as noted above (Chart 1). The relative outperformance of the gold price in RMB, compared to its USD peer, was mainly driven by a 0.5% depreciation in the local currency during the period. Although gold prices adjusted lower in the latter half of February, they continued to refresh records during the period, both in USD (on 11 occasions) and RMB (on six occasions). Our analysis shows that market momentum, generally lowering yields and a weaker dollar drove gold higher. Gold withdrawals ... (full story)