Market Insight | LINGBAO GOLD Surges Over 6%, Leading Gold Stocks as Rate Cut Approaches, Gold Price Breaks $2500 to Hit New High
Gold stocks rose collectively in the morning session. As of the time of publication, Lingbao Gold rose by 6.29% to HKD 3.38; CHINAGOLDINTL rose by 4.74% to HKD 42; ZHAOJIN MINING rose by 4.59% to HKD 13.66; SD GOLD rose by 3.45% to HKD 16.18. On the news front, boosted by expectations of an imminent rate cut by the Federal Reserve, spot gold broke through $2500 per ounce for the first time last Friday, hitting a new historical high once again. The current market is focused on statements from Federal Reserve officials, especially Chairman Powell, at the central bank's annual meeting. Guojin Securities' research report indicates that with the rate cut approaching and ongoing geopolitical tensions, the price of gold is expected to continue to rise. The firm believes that gold companies have seen minimal cost increases this year, and the probability of a deep pullback in gold prices is low, providing a basis for stock prices to recover in line with gold prices
According to the information from the Wise Finance app, gold stocks rose collectively in the morning session. As of the time of publication, Lingbao Gold (03330) rose by 6.29% to HKD 3.38; China Gold International (02099) rose by 4.74% to HKD 42; Zhaojin Mining (01818) rose by 4.59% to HKD 13.66; Shandong Gold (01787) rose by 3.45% to HKD 16.18.
On the news front, boosted by expectations of an imminent rate cut by the Federal Reserve, spot gold broke through $2500 per ounce for the first time last Friday, setting a new historical high once again. The current market is focused on statements from Federal Reserve officials, especially Chairman Powell, at the central bank's annual meeting. Guojin Securities' research report indicates that with the rate cut approaching and ongoing geopolitical tensions, the price of gold is expected to continue to rise. The firm believes that gold companies have seen minimal cost increases this year, and the probability of a significant gold price pullback is low, providing a basis for stock prices to recover in line with gold prices