Ray Jia
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.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in June: wholesale demand stable and gold reserves up
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.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in May: gold reserves saw the seventh consecutive rise but wholesale demand weakened
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.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in April: wholesale demand down but gold reserves rose for the sixth consecutive month
Key highlights:
- The LBMA Gold Price AM in USD rose by 0.2% in April while the Shanghai Gold Benchmark PM (SHAUPM) in RMB saw a 0.7% gain, due mainly to a depreciating RMB against the USD
- The average Shanghai-London gold price premium fell sharply in April amid easing local supply and demand conditions
Ray Jia
Research Head, China World Gold Council春闘、スタグフレーション、金
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。
Ray Jia
Research Head, China World Gold CouncilShunto, stagflation and gold
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.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in February: wholesale demand strong, gold reserves rose further
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%
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in December: gold reserves rose further but wholesale demand remained weak
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.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in November: wholesale demand weakened, gold reserves rose
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.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in October: seasonality and COVID disruptions weighed on wholesale gold demand
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.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in August: local price premium extended its rise
The Shanghai Gold Price Benchmark PM (SHAUPM) in RMB rose by 0.5% in August while the LBMA Gold Price AM in USD saw a 2.6% fall. The average Shanghai-London gold price spread climbed further in the month, driven by stronger demand
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in July: demand benefited from a lower gold price
While the gold price dip may have provided a short-term boost for local gold demand, we believe a sustained recovery requires reviving economic and income growth, fewer disruptions from coronavirus and more weddings.
