Hong Kong Stock Market News | Gold stocks continue recent uptrend as international gold prices hit a historical high during the holiday season, with central banks from multiple countries purchasing gold to boost demand
Gold stocks continued to rise during the holiday period, with the stock prices of Zhaojin Mining, Lingbao Gold, China Gold International, and Shandong Gold all seeing increases. The international gold price hit a historical high, and the People's Bank of China has been increasing its gold reserves for the 17th consecutive month. The amount of gold shipped from Switzerland to China has also significantly increased. ANX International stated that the escalating geopolitical tensions and the 2024 elections will increase the demand for gold
According to the Wise Finance APP, gold stocks continued their recent upward trend. As of the time of publication, Zijin Mining (01818) rose by 4.85% to HKD 12.54, Lingbao Gold (03330) rose by 3.55% to HKD 3.5, China Gold International (02099) rose by 3.84% to HKD 51.35, and Shandong Gold (01787) rose by 3.58% to HKD 18.5.
On the news front, on the evening of April 6th, the international gold price hit a historical high, with London spot gold soaring by 1.77% to USD 2329.57 per ounce, and COMEX gold rising by 1.76% to USD 2349.1 per ounce. On April 7th, the central bank released data showing that China's gold reserves at the end of March were 72.74 million ounces, compared to 72.58 million ounces at the end of February, marking the central bank's 17th consecutive month of increasing gold reserves. A report released by Swiss customs on April 1st indicated that Switzerland shipped 89 tons of gold to China in February, compared to 12 tons in the same period last year and 56 tons in January. Since January 2023, Switzerland has shipped 762 tons of gold to China, a 21% increase from last year.
ANXIN International believes that with the recent escalation of geopolitical tensions and the backdrop of tense international relations, central banks in China, India, Russia, and other countries are increasing their gold reserves. In 2024, several countries will have major elections, including the U.S. presidential election, leading to increased global uncertainty, and it is expected that demand for gold will continue to exist