Gold stocks continued to strengthen. As of press release, Lingbao Gold (03330) rose 12.8% to HK$3.7; China Gold International (02099) rose 6.94% to HK$57.75; and Zhaojin Mining (01818) rose 5.24% to HK$15.26.
The Zhitong Finance App learned that gold stocks continued to strengthen. As of press release, Lingbao Gold (03330) rose 12.8% to HK$3.7; China Gold International (02099) rose 6.94% to HK$57.75; Zhaojin Mining (01818) rose 5.24% to HK$15.26; and Shandong Gold (01787) rose 5.06% to HK$19.5.
According to the news, rising expectations for interest rate cuts at home and abroad are compounded by the resurgence of geopolitical risks in the Middle East, and the price of gold continues to rise. Spot gold hit an upward trend of 2,450 US dollars/ounce, rising 1.5% during the day, continuing to hit a record high. Furthermore, on May 20, the official websites of many gold and jewelry brands including Zhou Taifu showed that the price of pure gold jewelry in China all exceeded 742 yuan/gram.
SDIC Securities pointed out that market confidence in falling inflation has picked up, expectations of interest rate cuts have increased, and interest rates on US bonds and the US dollar index have declined this week. Currently, we are still in the early stages of the Federal Reserve's interest rate cuts. The central bank continues to buy funds and domestic demand for gold is strong, market concerns about the monetary credit system continue, risk aversion is expected to remain high in the 2024 US election year, and we continue to be optimistic that gold will reach new highs.