Hong Kong Stock Concept Tracking | Gold prices continue to rise, benefiting gold mining companies (with concept stocks)
International gold prices continue to rise, with London Gold briefly surpassing $2620 per ounce, spot gold reaching $2630 per ounce, and COMEX gold futures hitting $2650 per ounce. After the Fed's interest rate cut, market bubble risks have intensified, making gold a tool to hedge against economic recession. Despite the pause in gold purchases by the People's Bank of China, India's gold imports have reached record highs. Investment banks predict a gold price target of $2700, with some hedge funds expecting it to rise to $3000. Related companies include Zijin Mining, SD GOLD, and others
Spot gold rose in the morning session, reaching $2630 per ounce, hitting a new historical high with a 0.3% increase intraday. COMEX gold touched $2650 per ounce, rising 0.14% intraday.
Michael Hartnett, a strategist at Bank of America, warned that the excitement in the stock market after the Fed's rate cut has intensified bubble risks, making bonds and gold attractive tools to hedge against economic downturn or rising inflation.
The divergence between gold prices and interest rate trends this year has been largely driven by central bank gold purchases. Despite the pause in gold purchases by the People's Bank of China since May, India's gold imports hit a record high in August, especially after India announced a reduction in import tariffs from 15% to 6% in the joint budget on July 23, boosting import demand.
Currently, investment banks such as UBS and Goldman Sachs have set a target price of $2700, with more domestic and foreign hedge funds expecting the breakthrough of the $3000 mark to be only a matter of time.
Companies related to gold and precious metals:
Zijin Mining (02899), SD GOLD (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), and Shandong Gold Mining (03939), among others