China gold market update: Unseen investment passion

From gold.org

Global gold prices kept rising in April (Chart 1). Our model shows that a weaker dollar, elevated geopolitical/economic uncertainties and strong gold ETF inflows drove gold up. While the LBMA Gold Price PM in USD saw its strongest April since 2011, the SHAUPM in RMB recorded its highest April return in 19 years. Over the past four months, the RMB gold price has witnessed a cumulative return of 24%, the strongest January to April performance on record (Chart 2). And the LBMA Gold Price PM soared 27% during the same period. The difference is mainly a result of a stronger RMB, which has appreciated 1% so far in 2025. ... (full story)