Hong Kong stock market anomaly | Gold stocks collectively rise, CHINAGOLDINTL surges over 11%. Morgan Stanley predicts that this year's gold price is expected to rise to $2500.
In the morning session, gold stocks collectively rose. As of the time of writing, CHINAGOLDINTL surged by 11.24% to HKD 47.5, ZIJIN MINING rose by 6.02% to HKD 15.84, ZHAOJIN MINING increased by 4.09% to HKD 9.67, and LINGBAO GOLD went up by 3.81% to HKD 2.45. Despite the rebound in U.S. inflation data exceeding expectations, investors still hold hope for a rate cut by the Federal Reserve in June. Additionally, escalating geopolitical tensions and a weakening U.S. dollar continue to support safe-haven demand, leading to a rise in gold futures on Wednesday. COMEX April gold futures closed up by 0.68% at $2180.80 per ounce. Natasha Kaneva, Head of Global Commodities Research at J.P. Morgan, stated that gold is their top choice in the commodity market. Kaneva mentioned that they believe gold prices could rise to $2500 this year as markets tend to get overly excited. To achieve this price target, it is necessary to confirm a sustained slowdown in U.S. inflation and job data, as well as confirmation of an actual rate cut by the Federal Reserve.
Zhitong App learned that gold stocks rose collectively in the morning session. As of the time of publication, CHINAGOLDINTL (02099) rose by 11.24% to HKD 47.5; ZIJIN MINING (02899) rose by 6.02% to HKD 15.84; ZHAOJIN MINING (01818) rose by 4.09% to HKD 9.67; LINGBAO GOLD (03330) rose by 3.81% to HKD 2.45.
On the news front, despite the rebound in U.S. inflation data exceeding expectations, investors still hold out hope for a Fed rate cut in June. Meanwhile, escalating geopolitical tensions and a weakening U.S. dollar continue to support safe-haven demand, leading to a rise in gold futures on Wednesday. COMEX April gold futures closed up by 0.68% at $2180.80 per ounce.
Natasha Kaneva, Head of Global Commodity Research at JPMorgan, stated that gold is their top choice in the commodity market. Kaneva believes that the price of gold could rise to $2500 this year as markets tend to get overly excited. To achieve this price target, it is necessary to confirm that U.S. inflation and employment data continue to slow down, and to confirm that the Fed is indeed cutting interest rates.