China's Gold Market Dynamics in May: Weakening Prices, ETF Outflows, and Central Bank Accumulation
by : Lisa Jing
May witnessed a decline in gold prices in China, influenced by global uncertainties and a strengthening RMB. Chinese gold ETFs experienced significant outflows, ending a long streak of inflows, as investors shifted focus to equities. Wholesale demand for gold also decreased, hitting a multi-year low. However, the People's Bank of China continued its gold purchasing trend, notably increasing its reserves. The jewelry sector showed signs of stabilization, anticipating a seasonal rebound.