Market Insight | Most gold stocks rise, multiple positive factors converge, spot gold hits a new historical high again
Most gold stocks are rising. As of the time of publication, SD GOLD rose by 3.27% to HKD 17.06; LINGBAO GOLD rose by 3.25% to HKD 3.49; ZHAOJIN MINING rose by 2.75% to HKD 14.2; CHINAGOLDINTL rose by 0.72% to HKD 41.9. In terms of news, the market is focusing on Powell's speech on Friday, with spot gold briefly breaking through $2530 per ounce, once again hitting a historical high. Federal Reserve Board member Bowman said on Tuesday that if inflation continues to decline, he will support rate cuts, but still believes there is upward inflation risk. Additionally, the current situation in the Middle East remains complex. According to reports, U.S. officials say the Gaza ceasefire agreement is on the brink of collapse. Donghai Futures stated that the market's expectation of the Fed starting a rate cut cycle in September has provided strong support for gold prices. Furthermore, the recent weakness in the U.S. dollar has also boosted gold prices. UBS also stated that gold has more room to rise, expecting the price of gold to reach $2600 per ounce by the end of this year and $2700 per ounce by mid-2025. For investors, allocating gold in their investment portfolios is an attractive diversification and hedging tool
According to the Wisdom Finance app, most gold stocks are rising. As of the time of publication, SD GOLD (01787) rose by 3.27% to HKD 17.06; LINGBAO GOLD (03330) rose by 3.25% to HKD 3.49; ZHAOJIN MINING (01818) rose by 2.75% to HKD 14.2; CHINAGOLDINTL (02099) rose by 0.72% to HKD 41.9.
On the news front, the market is focused on Powell's speech on Friday. Spot gold once broke through $2530 per ounce, hitting a new historical high again. Federal Reserve Board member Bowman said on Tuesday that if inflation continues to decline, he will support rate cuts, but still believes there is upward inflation risk. In addition, the current situation in the Middle East remains complex. According to reports, U.S. officials say the Gaza ceasefire agreement is on the brink of collapse.
Donghai Futures stated that the market's expectation of the Fed starting a rate cut cycle in September has provided strong support for the gold price. In addition, the recent weakness of the U.S. dollar has also provided support for the rise in gold prices. UBS also stated that gold has greater upside potential, expecting the price of gold to reach $2600 per ounce by the end of this year and $2700 per ounce by mid-2025. For investors, allocating gold in their investment portfolios is an attractive diversification and hedging tool