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 November: wholesale gold demand up, ETF holdings down
The Shanghai-London gold price spread fell amid a weaker local gold price
The LBMA Gold Price PM finished November slightly higher as declines towards the end of the month wiped off earlier rallies. While the LBMA Gold Price AM in USD – which we normally use when comparing to the Chinese local gold price ‒ increased by 0.1%, the SHAUPM in CNY saw a minor drop of 0.3%. The appreciating CNY against the dollar and a steadily rising equity market may have contributed to the underperformance of the RMB gold price.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in October: Chinese gold ETF tonnage holdings set a new record
After five consecutive monthly inflows, collective holdings in Chinese gold ETFs reached 74t (US$4bn, RMB27bn) at the end of October, the highest AUM on record in tonnage terms. We cover this and more in our monthly blog on China's gold market.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in September: higher gold demand, higher local gold price spread
Gold prices fell in September. The LBMA Gold Price AM in USD and the Shanghai Gold Benchmark Price (PM) in CNY declined by 4.6% and 4.3% respectively last month. The rising interest rate, outflows from global gold ETFs, and a stronger dollar all contributed to gold price weaknesses in September.
Ray Jia
Research Head, China World Gold CouncilGold’s strategic role could shine as Chinese economic pressure intensifies
China’s economy is facing challenges. Gold, with its unique relationship with the Chinese stock market and the independence from China’s economy, could be an effective tool for investors.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in August: inflows into gold ETFs continued and wholesale physical gold demand rebounded
Explore China's gold market in August. We cover the Shanghai Gold Benchmark Price PM, wholesale physical gold demand, gold ETF inflows, impacts of the rise in COVID-19 cases and more.
Ray Jia
Research Head, China World Gold CouncilThe three-child policy and its implications for China’s gold consumption
While the possible outcomes of the three-child policy and various supporting measures remain uncertain, we believe there is a link between birth rates and gold consumption, and the details are worth analysing.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in June: Chinese gold ETF holdings rose despite a fall in the gold price
International gold prices fell steeply in June. The weakness in the gold price can be largely attributed to the more-hawkish-than-expected monetary-tightening signals from the US Federal Reserve’s meeting on 18 June. But the decline in the RMB gold price was narrower than that of the USD gold price, thanks to a 1.6% depreciation in the CNY against the dollar last month.
Ray Jia
Research Head, China World Gold CouncilDrivers of the sharp fall in the Shanghai-London gold price spread in June and outlook
The Shanghai-London gold price spread again turned negative in June after being positive since early 2021, falling to -US$6.7/oz on 2 June and remaining negative most days during the month.
