Hong Kong Stock Concept Tracking | The People's Bank of China increases gold holdings for the first time in half a year, gold prices approach historical highs again (with concept stocks)
The People's Bank of China increased its gold holdings for the first time in six months, with spot gold prices reaching $2,700 per ounce, a two-week high. Official data shows that gold reserves at the end of November 2024 were 72.96 million ounces, an increase of 160,000 ounces. UBS and Goldman Sachs predict that gold prices will continue to rise, forecasting prices to reach $2,950 by the end of 2026 and $3,000 by the end of next year, respectively. The market is focused on the upcoming U.S. November CPI data. Related companies include Zijin Mining, SD-GOLD, and others
On December 11, spot gold touched $2,700 per ounce, reaching a two-week high. As of the time of publication, spot gold was reported at $2,701.25 per ounce, up 0.26% for the day.
According to the latest data from the People's Bank of China, as of the end of November 2024, China's official gold reserves stood at 72.96 million ounces, an increase of 160,000 ounces (approximately 4.54 tons) from the end of October, marking the first increase in gold holdings by the People's Bank of China in six months.
UBS Group expects gold prices to rise to $2,900 per ounce by the end of next year. Goldman Sachs also predicts that as central banks around the world increase their gold holdings, gold prices will rise further. UBS analysts state that by the end of 2026, gold prices will further increase to $2,950 per ounce.
Goldman Sachs predicted this week that gold prices will climb to $3,000 per ounce by the end of next year.
Guo Zhongwei, chief analyst of the non-ferrous metals industry at Zhongtai Securities, stated that recent global uncertainties have increased, especially with Trump set to officially take office as President of the United States, which may exacerbate the trend of de-globalization and increase instability in the external environment.
In this context, increasing gold holdings can help enhance the safety of China's reserve assets.
It is worth noting that the market is currently focused on the upcoming release of the U.S. November CPI and core CPI data tonight.
The market generally expects the inflation rate for November to rebound, rising from last month's 2.6% to 2.7%. Core CPI is expected to remain in the range of 3.2% to 3.3%.
Related companies in the gold and precious metals sector:
Zijin Mining (02899), SD GOLD (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), WanGuo Gold Group (03939), etc