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 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.
Ray Jia
Research Head, China World Gold CouncilGold, an effective store of value amid yen weakness
The yen (JPY) has weakened significantly during the first half of 2022: it has registered an 18% depreciation against the US dollar (USD) and now the JPY/USD stands at its lowest point since 1998.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in May: a demand recovery may be near
Gold prices fell in May. Primarily driven by negative momentum impacts as well as lower risk and uncertainty, the SHAUPM in RMB and the LBMA Gold Price AM in USD fell by 1.8% and 3.2% respectively in the month.
Ray Jia
Research Head, China World Gold CouncilCOVID, precautionary savings and gold in China
The resurgence of COVID-19 and the subsequent lockdowns in major Chinese cities since late February have made headlines. These lockdowns are leading to households spending less – especially for discretionary items – as well as saving more due to limited spending opportunities and cautious behaviour.
