Gold extended its strength in May albeit with a narrower increase than in recent months. Both the LBMA Gold Price AM in USD and the SHAUPM in RMB rose by 1% last month. The weakening dollar, lower yields and improved gold ETF demand drove gold’s strength during the month. During the first week of June, impacted by slowing central bank purchases and changing investor expectation of the US Fed’s future rate cuts, the LBMA Gold Price AM in USD fell by 2%. Meanwhile, the SHAUPM in RMB saw a 1% rise amid the weaker local currency. During the first five months of 2024, gold in RMB has surged by more than 15%, outperforming ... (full story)