Gold prices fell mildly in May (Chart 1). Cooling gold investment momentum – as investors sold gold ETFs and gold’s implied volatility fell – overshadowed the lagging impact of a weaker dollar, leading to the gold price weakness in May. A weak May ended the SHAUPM’s five-month rising streak, and the four consecutive monthly rises we have seen in the LBMA Gold Price PM also came to a halt. The gold price in RMB was weaker than that in USD amid a notable appreciation in the local currency against the dollar. Nonetheless, during the first five months of 2025, returns of the SHAUPM in RMB and the LBMA Gold Price PM in ... (full story)