Ray joined the World Gold Council in early 2019, and works within the Research team as the Research Head, China. He previously held position with China Industrial Futures Ltd, focusing on the market analysis for major commodities classes and international macros for both individual and institutional investors.
Ray has a Bachelor’s degree in Corporate Finance from the Adelaide University in Australia, and a Master's degree of Investment from Pace University in the US.
Expectations for the end of the BoJ’s negative policy rate intensified
The BoJ relaxed its yield curve control (YCC) program in late July. Governor Ueda’s first surprise move since taking the wheel: he effectively doubled the YCC’s upper limit to 1%, while keeping the policy rate unchanged at -0.1%. This led to surges in both the 10-year JGB yield and its volatility.
Gold prices quoted in USD and RMB headed in different directions in August. Major factors including rising US Treasury yields and a strong dollar weighed on the international gold price in USD. But the Chinese currency weakness, which depreciated by 2% against the dollar in the month, led to a mild increase in the RMB gold price.
Despite June weakness, the LBMA Gold Price AM in USD and the Shanghai Gold Benchmark PM (SHAUPM) in RMB ended the first half of 2023 higher by 5% and 9% respectively – the depreciation of RMB against the dollar over the period contributed to the significant difference.
Gold prices failed to extend the momentum of the previous month. Factors such as a strong dollar and rising yields weighed on the USD gold price in the month. But due to a 3% depreciation in the local currency against the dollar, the SHAUPM in RMB strengthened.
今年（2023年）の「春闘」では、背景にインフレ上昇がある中、賃上げに関しては明るい見通しとなっています。
The 2023 “Shunto” sent positive signals to Japanese employees regarding possible pay increases amid a backdrop of elevated inflation in the region. Shunto – the wage negotiations between major corporations and unions that take place every March – provides pay level guidance for all Japanese employers, large and small.
Gold prices weakened in February. There was a 5% decline in the LBMA Gold Price AM in USD during the month. Meanwhile, due to a 3% depreciation in the RMB against the dollar, the SHAUPM in RMB saw a smaller fall of 1%
Intensifying expectations of a less-hawkish US Fed bode well for international gold prices during the last month of 2022. While the SHAUPM in RMB rose 1% in December, the LBMA Gold Price AM in USD capped a 3% gain.
The divergence between the RMB and USD gold prices widened. The weakening US dollar and lowering yields helped pushed the LBMA Gold Price AM in USD 7.4% higher in November, the best month since July 2020.
Gold’s price divergence continued: the Shanghai Gold Price Benchmark PM (SHAUPM) in RMB rose by 1%, while the LBMA Gold Price AM in USD saw a 2% fall in October.
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[世界黄金协会]
