Ray Jia
Research Head, China World Gold CouncilChina’s gold market in October: higher jewellery retail sales, seasonally lower wholesale gold demand
Gold prices saw marginal declines in October. Even though the US presidential election and a significant rebound in COVID-19 infection cases in many regions kept uncertainty elevated globally, climbing real interest rates in key markets such as the US and China weighed on local gold prices. As a result, the SHAUPM (RMB) and LBMA Gold Price AM (USD) fell by 1.8% and 0.4% respectively in the month.
Ray Jia
Research Head, China World Gold CouncilWhat does China’s economic revival mean for gold?
Gold demand in China, in particular, investment demand, has benefited from rising concerns for the economy as well as the lowered opportunity cost amid the COVID-19 outbreak and the central bank’s response to it. But with signs of a potential economic recovery emerging, can we expect gold’s attractiveness as a safe haven in China to fade? We believe that the answer is ‘No’.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in March: reviving gradually
In March, the SHAUPM rose by 1.4% while LBMA Gold Price AM fell slightly as the RMB weakened relative to the USD. Although new COVID-19 infections in China remained near zero in March, concerns for the pandemic’s aftermath on the domestic economy linger.
Ray Jia
Research Head, China World Gold CouncilA general look at China and its gold market in wake of COVID-19
Recent indications suggest that the coronavirus (COVID-19) outbreak in China appears to be virtually contained. Even though there are still new imported infection cases, China’s reported local infections have remained near zero for a significant period.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in February: physical demand down, safe-haven demand up
The coronavirus (COVID-19) outbreak supported demand for gold as a safe-haven asset as stocks and commodities fell sharply. Physical gold demand faltered domestically due to COVID-19 and seasonality factors.
Juan Carlos Artigas
Global Head of Research World Gold CouncilPotential impact of the coronavirus on gold
Ray Jia
Research Head, China World Gold CouncilChinese New Year: what does it mean for China’s physical gold market?
On 25th January 2020, people throughout China will celebrate the start of a new year – the most important festival in the Chinese lunar calendar. This will kick off Year of the Rat and begin another rotation of the twelve zodiac signs. Most people are already in a festive mood, and, as a result, so is China’s gold market.
Ray Jia
Research Head, China World Gold CouncilThe first exchange-traded gold option in China
China’s first exchange-traded gold future’s option was listed on 20th December 2019 on the Shanghai Futures Exchange (SHFE). While gold options already existed in China, these were traded over-the-counter (OTC) on the OTC market platform at the Shanghai Gold Exchange (SGE) and linked to physical gold products.
Ray Jia
Research Head, China World Gold CouncilTakeaways from 2019 Annual Precious Metals Conference
Co-hosted by China Gold Association, World Gold Council, Shanghai Gold Exchange, Shanghai Futures Exchange and the Shanghai Gold and Jewellery Association, the 2019 Annual Precious Metals Conference was held in Shanghai on 10th and 11th December. Over 400 gold industry leaders and representatives from China and other regions participated. Here are a few key takeaways.
Ray Jia
Research Head, China World Gold CouncilStocking up for Chinese New Year drove wholesale physical gold demand in November
Summary
- The Shanghai Gold Benchmark price (PM) extended its decline in November. The appreciating USDCNY has again made CNY-denominated gold prices weaker than the dollar gold price, resulting in another drop in local gold premium last month.
- Driven by elevated price volatility, Au(T+D)’s trading volume was higher m-o-m. Meanwhile, the industry’s stocking ahead of the Chinese New Year’s Festival led to a higher Au9999 trading volume and gold withdrawals from the Shanghai Gold Exchange (SGE) in November. • During the first ten months of 2019, China’s gold imports dropped by 41% y-o-y.
- While some investors have stepped away, Chinese gold ETFs’ gold holdings stabilised around the highest level since last October.
- The People’s Bank of China (PBoC) left its gold reserve unchanged at 1,948t in November.