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China gold market update: Official buying accelerated in May
Gold ended May with a modest decline. The LBMA Gold Price PM was down 1.4% and the Shanghai Gold Benchmark Price PM (SHAUPM) fell by 2.7% – as the RMB strengthened it exacerbated the weakness in the Chinese gold price (Chart 1). Uncertainties in the Middle East and related inflationary concerns – which pushed yields and the dollar up – were key drivers of gold in the month. Chinese gold ETFs saw their first monthly outflow since August 2025, shedding RMB8.2bn (US$1.2bn) in May. Combined with a lower gold price, total AUM declined by 5% to RMB289bn (US$43bn). Chinese gold ETF holdings had dropped 8.3t to 293t by ... (full story)
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- Jun 12, 6:53am | 2 hr 53 min ago Posted byFundamental Analysis105
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